AIIB to co-fund EDSA BRT, Manila flood control – DOF

The EDSA Bus Rapid Transit system and the Metro Manila Flood Management Project are the first two projects the Asian Infrastructure Investment Bank (AIIB) will co-finance, the Department of Finance (DOF) said Monday.

"AIIB President Jin Liqun confirmed that the initial two projects that the AIIB will co-finance in the Philippines, with other multilateral lending institutions, are the Metro Manila Flood Management Project and the EDSA Bus Rapid Transit system," the DOF said in an emailed statement.

The department earlier said both projects are the most prepared in terms of government approvals and feasibility studies.

The P37.76-billion EDSA Bus Rapid Transit system is also co-financed by the Manila-based Asian Development Bank.

"We are all very eager to finalize the infrastructure projects in your country ... This time, we are very happy we can really talk about something to do in your country," Jin was quoted as saying in a recent meeting with Philippine officials.

The EDSA BRT of the Department of Transportation is a bus system along the 48.6-kilometer Epifanio delos Santos Avenue, from Monumento in Caloocan City to Diosdado Macapagal Avenue that straddles the cities of Pasay and Parañaque.

It entails integrated routes between the Ortigas Business District, Bonifacio Global City and Makati Business District.

A project of the Department of Public Works and Highways and Metro Manila Development Authority, the P23.5-billion Metro Manila Flood Management is envisioned to improve 36 pumping stations in Makati, Malabon, Manila, Pasay, and Taguig.

It entails the construction of 20 new pumping stations in Caloocan, Mandaluyong, Manila, Pasay, Pasig, Quezon, San Juan, and Valenzuela.

The projects have been approved by the National Economic and Development Authority Board.

During the meeting, the AIIB noted the speed with which the Senate ratified the Philippine membership in the bank, which was finalized on December 5.

"We'd like to thank you very much for speeding up the ratification so that we can start very soon. We believe there are so many that we can do in your country," Jin said.

The government plans to spend P8.2 trillion on infrastructure development in the six years to 2022, and dubbed the period as the "golden age of infrastructure." — Jon Viktor Cabuenas/VS, GMA News