Friday, February 22, 2013

DOF, NEDA approve new financing framework for national government projects

From the Website of GPH - Philippine Governmnet

DOF, NEDA approve new financing framework for national government projects

A February 19, 2013 press release from the Department of Finance

The National Economic and Development Authority and the Department of Finance approved a new financing framework for National Government projects today.

The framework directs the Investment Coordination Committee of NEDA to adopt new standards in appraising project proposals of agencies, adding more stringency to the project approval process.

Also, the new framework entails the proponent agencies to justify projects on technical and economic merits, and on financial viability without regard to a particular financing source. Second, the ICC Secretariat will conduct financial evaluations of revenue-generating proposals based on DOF-provided benchmarks.

The framework also stipulates that the NEDA board will refer ICC/NEDA approved National Government projects to the DOF for financing; and that the DBM will allocate funds for the conduct of feasibility/pre-investment studies for projects that will eventually require ICC approval.

Purisima hailed the change as noteworthy because it will lead to a more efficient, transparent, coordinated, and ultimately better project evaluation and implementation process.

“This move is a necessary step in terms of improving the prudent management of National Government financial resources,” Purisima said.

NEDA Director General and Socio-Economic Planning Secretary Arsenio Balisacan said the framework would allow for enhanced project delivery. “With the adoption of the new financing framework, agencies can look forward to more efficient project planning, review, and rollout. The framework will lead to more accurately targeted projects that fit in better with our overall economic plan,” Balisacan said.

The ICC is one of seven interagency committees of the NEDA Board, and is tasked with evaluating the fiscal, monetary and balance-of-payments implications of major national projects. The ICC’s powers and functions reside in its Cabinet Committee, which is co-chaired by the Secretary of Finance. The ICC is supported by an interagency Technical Board, with NEDA as ICC Secretariat.

GPH Website

Human Rights Advocacy Promotions | Human Rights

Home - Human rights Promotions Website




Post a Comment