The long-awaited common station to be built for the three rail transits in Quezon City will now cost more to improve passenger convenience, according to the National Economic and Development Authority (Neda).
Neda officials recently told reporters that the interagency Investment Coordination Committee (ICC) has approved and endorsed for confirmation by the Neda Board the cost increase for the North Extension Project-Common Station, or the Unified Grand Central Station (North Extension Project).
The common station for the Light Rail Transit, (LRT) 1, Metro Rail Transit (MRT) 3 and the soon-to- be-completed MRT 7 will now cost P2.8 billion, twice the approved cost of P1.4 billion.
“It’s going to be costlier, but in terms of convenience and space, as well as transfer, the logistical transfer for passengers, it will be easier for passengers. It will be more convenient,” Socioeconomic Planning Secretary Ernesto M. Pernia said.
The ICC Cabinet Committee (Cabcom) approval of the increase in project cost will also include dual tracks for the LRT 1, MRT 3 and MRT 7, and a total concourse area of 13,700 square meters.
Pernia said the groundbreaking for the project will be in the first quarter of 2018. With this, assuming there are no delays, the project may be completed by April 2019.
Apart from this, the ICC Cabcom also approved the proposed loan extension and fund reallocation for the new Communications, Navigation and Surveillance/Air Traffic Management Systems Development Project.
The proposed project revision includes a loan extension of two years and six months. It will also reallocate the P570.38-million portion of the project cost of construction and procurement.
The amount will also now cover consulting services, administration costs, value-added tax, and duties and taxes from the local counterpart contingency.
On the policy side, the ICC Cabcom also approved the increase in the new project cost threshold for ICC review and approval to P2.5 billion from P1 billion.
Major capital projects costing at least P2.5 billion shall require ICC approval, except as otherwise provided by law.
However, projects costing below P2.5 billion will still need certification that the project is consistent with the Philippine Development Plan/Results Matrices/Public Investment Program, and the implementing agency’s mandate, as well as the performance indicators approved by the Department of Budget and Management, among other requirements.