The National Economic and Development Authority (NEDA) board has approved the P16.8 billion Tarlac-Pangasinan-La Union expressway (TPLEX) project.

The TPLEX is an 88.58-kilometer toll road that will start from La Paz, Tarlac and end at Rosario, La Union. The project is seen to decongest the traffic at the MacArthur highway and support the increasing socio-economic activities between Regions I, III, Cordillera Administrative Region, and Metro Manila.

NEDA said future road users will also benefit from cost savings in vehicle operations as the TPLEX would provide a safe, reliable, and high-speed north-south access.

About 78 percent of the P16.88 billion TPLEX project will be financed by the private sector and the 22 percent will be shouldered by the Department of Public Works and Highways.
The TPLEX will be operated by the private sector right after completion.

Meanwhile, an additional P1.83 billion will be injected to the ASFP, a poverty reduction and peace building project in the ARMM.

The increase in the ASFP will expand the number of barangays covered by the Fund and improve local governance through capacity building interventions for local governments and people’s organizations.

It will also allow for more demand-driven development interventions for poverty reduction in ARMM. In addition, the project will support efforts in conflict resolution in ARMM.

The World Bank will finance P1.41 billion of the additional project requirement while the Philippine government will fund the remaining P416.40 million.

The implementation for the additional financing will be for three years starting from June 2010. The increase in the ASFP will expand the number of barangays covered by the fund and improve local governance through capacity building interventions for local governments and people’s organizations.