The NITTC project is a planned centralized terminal for all passenger buses coming from Northern Luzon.
The terminal would serve as the main bus depot and would prevent provincial buses from entering Metro Manila, thus lessening congestion in the metropolis.
The terminal is expected to be operational in two to three years.
The ICC, in its last meeting, approved the project under the build-operate-own (BOO) scheme.
Phil-Ville Development & Housing Corp. of by the Yabut family, which also owns the 11.7-hectare proposed site, would undertake the construction of the terminal.
The idea is to ban the entry of provincial buses, coming from regions 1, 2, 3 and the Cordilleras, from entering Metro Manila clogging major thoroughfares.
Most provincial buses currently maintain terminals in Pasay and Cubao.
The project also includes a flyover or road interchange from the North Luzon Expressway that would link it to Malabon.
The ICC approval is on the condition that government will not guarantee or absorb any risks from the project.
However, the ICC required the Department of Transportation and Communication (DOTC) to establish a policy, through a memorandum circular, barring provincial buses from Metro Manila streets.
The DOTC must also submit new routing schemes for jeepneys and other public transportation which would act as feeder from the terminal to Metro Manila.
Those policies must be submitted to the ICC before final approval by the National Economic and Development Authority (NEDA) board, which is chaired by President Arroyo.
Once approved, the project would still be subject to a Swiss challenge (the project being unsolicited) by interested parties which could offer a price lower than the P900 million offered by Phil-Ville.
If a challenger wins, the agreement is for Phil-Ville to lease the property.
Construction would take a period of one and a half to two years from award of contract.
There have been no objection so far from transport groups.
However, bus operators would have to pay loading and unloading fees based on 2005 prices.
The fees collected would finance the operation of the terminal. Forecast traffic of provincial buses entering Metro Manila is about 10,000 a day.