The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CC) has approved the revision of Panglao Island Airport Development Project.

ICC-CC approved the proposed change in the cost of the revised Panglao Island Airport Development Project by about 76 percent from P4.27 billion to P7.54 billion.

The project cost rose due to the increase of item prices and quantity because of design modification and additional acquisition of 14.5 hectares of land.

The Panglao airport project aims to develop a new airport facility in Panglao Island, Bohol to comply with domestic and international standards for operational safety and efficiency. It envisions to open up the entire region (Region VII) to more economic activities and to enhance the tourism potential of Bohol province.

The project was given the go-signal on condition that the provincial government of Bohol is to conduct another multisectoral consultation to address ecological or environmental issues, that the Manila International Airport Authority (MIAA) will conduct value and engineering of the project, and that budget cover be issued to the Department of Transportation and Communications by the Department of Budget and Management. The project is expected to be completed in 2012.

At the same time, revisions were also incorporated in the Panay River Flood Control Project and the Philippines Response to Indigenous People and Muslim Education (PRIME) Facility.

ICC-CC also approved the Panay River Flood Control Project costing some P5 billion which is expected to address flooding problems along the sub-basins of Panay River.

About P4.2-billion loan would be funded from the Japan International Cooperation Agency (JICA) while the local counterpart will be about P741 million. This flood control project will be implemented during a five-year period, from 2011 to 2015, with actual operations projected to start in early 2016.

ICC-CC also approved the P840- million PRIME facility which aims to improve access to quality basic education particularly by indigenous peoples and students in Muslim communities.

Regional and school grants will be provided and advocacy activities and supporting capacity-building activities will also be supported.