Day: June 2, 2023

The Department of Public Works and Highways (DPWH) Antique District Engineering Office on Friday said the construction of the new Paliwan Bridge that connects the southern and northern parts of the province will be completed by April next year. In an interview, DPWH District Engr. Mark Anthony Alejo said the construction of the new bridge was approved after the old structure was destroyed by Typhoon Paeng in October last year. ‘The construction of the new bridge is now ongoing with 0.363 percent accomplishment,’ Alejo said. Alejo said Senate Pro-Tempore Loren Legarda and her youngest brother, Congressman Antonio Agapito Legarda, initiated the inclusion of PHP300 million in the 2023 national budget for the construction of the new bridge. He said the winning contractor Mac Builders has already started the mobilization and fabrication. ‘We are also waiting for the budget for the repair of the old Paliwan Bridge that will be parallel with the new bridge,’ Alejo said. The PHP70 million that will be needed for the repair of the old bridge was discussed by the DPWH regional officials with Senator Legarda during her ocular inspection on May 3. ‘The two spans and the pier of the old Paliwan Bridge were destroyed during the height of Typhoon Paeng that we could not just put a bailey bridge as temporary remedy like Oyungan Bridge in Miag-ao, Iloilo,’ Alejo said. He said the pier underneath the middle portion of the bridge is necessary to support the bridge. Meanwhile, Alejo said residents are now temporarily using boats to cross Paliwan River after an embankment was destroyed due to heavy rains brought by the recent Typhoon Betty. ‘We could finish the repair of the embankment within three to five days once we are able to start,’ Alejo said.

Source: Philippines News Agency

The National Economic and Development Authority (NEDA) Board chaired by President Ferdinand R. Marcos Jr. has approved Tarlac-Pangasinan-La Union Expressway (TPLEX) Extension Project. The NEDA Board gave its nod to the proposed PHP23.4-billion TPLEX Extension Project when Marcos convened a meeting at Malacañan Palace in Manila on Friday afternoon, Socioeconomic Planning Secretary and NEDA Director General Arsenio Balisacan said in a Palace briefing. “The NEDA Board has approved the Tarlac-Pangasinan-La Union Expressway or TPLEX Extension Project. In accordance with the Investment Coordination Committee guidelines, this is the fastest unsolicited proposal approval, from its submission on March 17, 2023 to the approval today, June 2, 2023,” he said. The proposed four-lane, 59.4-kilometer project will extend the TPLEX from Rosario to San Juan, La Union. Balisacan said the TPLEX Extension Project would spur economic activity in Northern Luzon as it would facilitate connectivity to the Ilocos Region, Central Luzon and Metro Manila “This is expected to stimulate economic activity, alleviate road congestion, provide better and safer road access, and promote the development of new growth centers in nearby regions,” he said. Balisacan said the TPLEX Extension Project would be implemented through a public-private partnership (PPP) under the Department of Public Works and Highways. Other flagship projects During the meeting, the NEDA Board also reviewed the first progress report on the Infrastructure Flagship Projects (IFPs) under the Marcos administration’s “Build, Better, More” Program, Balisacan said. Balisacan noted that around 68 of the 194 IFPs are currently ongoing, 25 have been approved for implementation, nine are awaiting government approval and the remaining projects are either in the process of project preparation or pre-project preparation. “To recall, these high-impact infrastructure projects are designed to address the nation’s infrastructure deficit, thereby, driving sustainable economic growth across priority sectors of our economy. In total, the IFPs have an estimated cost of PHP8.3 trillion,” he said. Guidelines on LGUs’ PPP proposals Balisacan said the NEDA Board also confirmed the Investment Coordination Committee’s (ICC) Guidelines for local government units’ (LGUs) PPP Projects that require the committee’s action under the Build-Operate-Transfer Law. “The guidelines outline the role of the Regional Development Councils and other local development councils, particularly in ensuring that LGU projects are in line with national development plans,” he said. “Recognizing the vital role of LGUs in driving economic growth, the guidelines provide a streamlined process for LGUs to pursue PPP projects that require the action by the ICC. This initiative aims to empower LGUs and enable them to effectively engage in PPPs that will promote local development and attract investments,” Balisacan added. Rural development project Balisacan said the NEDA Board also noted its earlier confirmation and referendum of the ICC approval of the Department of Agriculture’s Philippine Rural Development Project (PRDP) Scale-Up. He said the PRDP Scale-Up, estimated to cost PHP45.01 billion, aims to build on the successes of the original PRDP. “Its goal is to further enhance agricultural productivity, increase income opportunities, and improve the living conditions of rural communities throughout the country,” Balisacan said. “Through this project, the government aims to empower farmers and fisherfolk, strengthen value chains, and promote inclusive and sustainable agricultural growth by institutionalizing new environmental and social safeguards frameworks and protocols.” Balisacan said the Marcos administration remains steadfast in its resolve to pursue projects that are in line with its eight-point socioeconomic agenda and the strategies identified in the Philippine Development Plan 2023-2028. “We are committed to implementing initiatives that will promote inclusive growth, induce high-quality job creation, and greatly improve living standards for all Filipinos,” he said.

Source: Philippines News Agency

Passage of the Fiscal Responsibility Act in the US lifted sentiments in the local bourse and resulted to the positive close of all the counters as well as the strengthening of the peso to 55-level. The Philippine Stock Exchange index (PSEi) rose by 1.27 percent, or 81.43 points, to 6,512.01 points. All Shares followed with a jump of 0.90 percent, or 31.02 points, to 3,474.87 points. Holding Firms led the sectoral counters after it rose by 1.59 percent and was trailed by Services, 1.46 percent; Financials, 1.30 percent; Property, 0.72 percent; Industrial, 0.63 percent; and Mining and Oil, 0.42 percent. Volume reached 1.21 billion shares amounting to PHP4.88 billion. Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, attributed the recovery in the local bourse to easing of the US’ debt ceiling concerns. He said eyes are now on the jobs report, noting that US labor market remains strong despite the hikes in the Federal Reserve’s key rates. Meanwhile, global oil prices reversed its path and increased ahead of the meeting of the Organization of the Petroleum Exporting Countries Plus (OPEC+), which includes the 13 OPEC members and 10 of the major non-OPEC oil importing countries in the world on Sunday. Brent crude futures is up by 2.3 percent to USD74.65 per barrel and the West Texas Intermediate (WTI) by 3 percent to USD70.10 per barrel. Gains in the local bourse were mirrored by the peso after it appreciated against the US dollar and ended Friday at 55.89 from the previous session’s 56.26. It opened the day at 56.1, better than its 56.23 start in the previous day. It traded between 55.89 and 56.1, bringing the day’s average to 55.961. Volume went down to USD898.5 million from day-ago’s USD990.35 million. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said approval by US lawmakers of the measure to suspend the debt ceiling to prevent a default helped improve investors sentiment. He said start of the Philippines’ membership to the world’s largest free-trade agreement, the Regional Comprehensive Economic Partnership (RCEP), effective on Friday (June 2, 2023), along with the decline in the price of liquified petroleum gas (LPG) also contributed to the peso’s appreciation. For next week, he forecasts the peso to trade between 55.60-56.10 to a greenback while the projection for Monday is between 55.80-56.00.

Source: Philippines News Agency