The P2.62-billion project aims to raise and stabilize the income of agrarian reform beneficiaries.

The National Economic and Development Authority (NEDA) Board’s Investment Coordination Committee-Cabinet Committee (ICC-CabCom) recently approved the two-year extension of the loan validity of the Italian assistance to an agrarian reform project.

The approval came after the Department of Agrarian Reform (DAR) suggested an extension of the loan validity of the Italian assistance to its project, the Agrarian Reform Community Development Support Program, to 11 April 2011 from 11 April 2019. In addition, ICC-CabCom gave the nod to DAR’s request to extend the implementation period of the said project from December 28, 2018 to December 28, 2020.

The P2.62-billion project aims to raise and stabilize the income of agrarian reform beneficiaries (ARBs) in Sarangani, Sultan Kudarat, Maguindanao, and Lanao del Sur, by improving their access to key services through support in infrastructure and agri-enterprise development, local capacity building, and project management.

Meanwhile, the ICC-CabCom approved the increase in supplemental loan for the New Bohol Airport Construction and Sustainable Environment Protection project of the Department of Transportation (DOTr) from P1.23 billion, as approved by the ICC in 2017, to P2.18 billion. The approval was made during last week’s meeting held at the Bangko Sentral ng Pilipinas headquarters.

The supplemental loan, to be sourced from the Japanese Government through the Japan International Cooperation Agency (JICA), will, among others, cover foreign exchange movements and price escalations in the construction works of the project and facilitate the start of commercial operations in October 2018.

The ongoing project with an approved cost of P7.77 billion involves the construction of an airport facility replacing the Tagbilaran airport.

The approved supplemental loan for the New Bohol Airport is for confirmation of the NEDA Board, chaired by President Rodrigo R. Duterte.

The ICC-CabCom, a Cabinet-level interagency committee, is chaired by Finance Secretary Carlos G. Dominguez and co-chaired by Socioeconomic Planning Secretary Ernesto M. Pernia.