links: http://www.gov.ph/2013/02/19/dof-neda-approve-new-financing-framework-for-national-government-projects/
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.
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