MANILA, Philippines — The government has put up a $164-million funding facility to ensure that infrastructure projects would meet international standards, according to the Department of Finance (DOF).
Finance Undersecretary Grace Karen Singson said the Infrastructure Preparation and Innovation Facility (IPIF) aims to provide infrastructure implementing agencies, such as the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH), the services of experts for project preparation and implementation.
She said the IPIF – set up in partnership with the Asian Development Bank – is one of the measures to address the bottlenecks in the implementation of infrastructure projects. She added it also ensures that projects are studied comprehensively and delivered on time.
“We don’t want projects that are half-baked or inappropriate for commuters,” DOF official said.
Aside from the IPIF, she said the government has also put in place the Project Facilitation, Monitoring and Innovation Task Force, comprised of the DOTr, DPWH, Department of Budget and Management, National Economic and Development Authority and the Office of the Cabinet Secretary.
Singson said the team aims to monitor the progress of the Build Build Build program and take action against bottlenecks and other delays in project implementation.
Under the task force, Singson said implementing agencies are required to submit monthly progress reports, which encourages accountability and a sense of urgency.
In October last year, the ADB board approved a $100-million loan for the IPIF.
The ADB said the facility would help “strengthen the government’s project facilitation and monitoring systems, reduce infrastructure bottlenecks, and help relevant agencies systematically monitor project progress and address operational issues at every stage of project planning, construction, and operation.”
The project, which has a $64.06 million counterpart funding from the Philippine government, represents the ADB’s support for the administration’s Build Build Build program, seen to spur economic growth and improve quality of life.
Economic managers said Build Build Build will require an amount of P8 trillion to P9 trillion in the medium term, and will raise infrastructure spending to about 7.3 percent of gross domestic product by 2022.
This massive undertaking will center on 75 flagship infrastructure projects all over the country.
The program is seen to help the government sustain the country’s economic growth, encourage investments, generate jobs and ultimately, reduce poverty in the Philippines.