The Investment Coor-dination Committee-Ca-binet Committee (ICC-CC) is set to recommend to the National Economic and Development Authority (NEDA) Board the further streamlining of the appro-val process for big-ticket projects to be funded by Official Development Assistance (ODA) loans, in line with the government’s goal of fast-tracking the implementation of its flag-ship infrastructure projects.
Finance Secretary Carlos Dominguez III, who chairs the ICC-CC, said the Committee will seek the approval of this new “3-in-1” streamlined process by the NEDA Board chaired by President Duterte, so that the time devoted to the necessary government ac-tions prior to the loan pro-cessing for projects would be reduced from the usual four to eight weeks to just one NEDA Board meeting.
“Our goal here is to speed up the approval and implementation of our flagship infra projects so that we can get shovels on the ground as soon as possible,” Dominguez said.
Under the streamlined “3-in-1” process, Domin-guez said the NEDA Board approval; the issuance of the Special Presidential authority (SPA) to govern-ment officials to negotiate and sign the loan, guarantee or grant agreement for the project; and the Forward Obligational Authority by the Department of Budget and Management (DBM) would be issued simulta-neously during a single NEDA Board meeting.
“We are really tighte-ning up the procedures to speed up the processing of our projects,” Dominguez said.
At the hearing of the Senate finance committee on the proposed 2018 budget of the Department of Finance (DOF), Dominguez said the “3-in-1” process is among the steps taken by the Duterte administration to signifi-cantly improve the absorp-tive capacity of govern-ment agencies, particularly those involved in the government’s “Build, Build, Build” infrastructure prog-ram.