The ICC-CC approved the new project configuration for the LRT Line 1 North Extension Project-Common Station or the Unified Grand Central Station (North Extension Project), the NEDA said on Thursday. It will have a new total project cost of approximately P2.8 billion, including P1.4 billion to be tapped from the Department of Transportation’s 2017 budget, it said. The ICC-CC also approved the proposed loan extension and fund reallocation for the New Communications, Navigation and Surveillance/Air Traffic Management Systems Development Project. It will also reallocate the P570.38-million portion of the project cost to construction and procurement, consulting services, administration costs, value-added tax and duties and taxes from the local counterpart contingency. A new project cost threshold of P2.5 billion was approved by the ICC-CC, according to the NEDA.

Source: Manila Times March 23, 2017 17:37 UTC