The National Economic Development Authority (NEDA) Board has approved several new programs, projects, and policies that will contribute to the socio-economic development of the country. Chaired by President Ferdinand Marcos Jr., the initiatives were approved during NEDA’s most recent conference held on May 15, Wednesday.
Included among the projects approved by the NEDA Board last week is the ₱2.75 billion FAST-Infra Project designed to place its initial focus on the development of transportation projects in the country. FAST-Infra, or the Facility for Accelerating Studies for Infrastructure project, was created to provide fund support in the development of first-rate transportation master plans that will contest the world-class infrastructure of neighboring Southeast Asian countries.
Among the obligations of the FAST-Infra project is to create a strong and steady stream of major transportation initiatives that require significant investment to enhance both regional and national connectivity. FAST-Infra project will oversee or be involved in the planning, designing, and preparation stages of large-scale projects. This includes the development of ‘manuals, guidelines, and tools to plan and define low-carbon, climate resilience, safe, and technology-enabled transport infrastructure.’
NEDA Board Approves P2.5 Billion Peso Project for Local Infrastructure Development
Funded by the Asian Infrastructure Investment Bank (AIIB) with an initial proposed funding amount of USD 44 million, FAST-Infra’s main objective is to develop a strong investment program that will assist the Philippines in creating infrastructure, which supports its sustainable development initiatives.
According to the environmental and social information disclosed by the AIIB, the fund will solely be directed to the planning stages of projects—meaning that there will be no direct financing of the infrastructure projects or any civil works. AIIB categorizes the FAST-Infra project as Type C, which places the initiative along with other projects that do not have any environmental and social (E&S) impact.
Another provision under the project is the promise of consistent stakeholder engagement, consultation, and information disclosure. Below are the parties that should be involved during FAST-Infra’s master plan elaboration.
- Government agencies
- Transport operators
- Commuters
- Businesses
- Civic society organizations
AIIB also mentions that the NEDA-approved project will maintain transparency in all aspects, by implementing a Communications and Visibility Strategy that will disclose, inform, and gain the support for transportation infrastructure investment program—from decision-makers and key stakeholders. Aligned with the strategy is the awareness of the commuters and the general public.
“This series of approvals by the NEDA Board marks a significant step towards the country’s social and economic transformation,” said Chief Economic Planner Arsenio M. Balisacan. “As the nation moves forward, the decisions made today will play a crucial role in shaping a more prosperous and sustainable future for the Philippines.”
References
AIIB. (2023, December 21). Philippines: Facility for Accelerating Studies for Infrastructure (FAST-Infra). Asian Infrastructure Investment Bank. Retrieved May 22, 2024, from https://www.aiib.org/en/projects/details/2023/proposed/Philippines-Facility-for-Accelerating-Studies-for-Infrastructure-FAST-Infra.html
National Economic and Development Authority. (2024, May 16). NEDA BOARD APPROVES TARIFF RATES MODIFICATION ON ELECTRIC VEHICLES, KEY INFRA PROJECTS. National Economic and Development Authority. Retrieved May 22, 2024, from https://neda.gov.ph/neda-board-approves-tariff-rates-modification-on-electric-vehicles-key-infra-projects/
