The approval of the PHP23.4-billion 59.4-kilometer Tarlac-Pangasinan-La Union Expressway (TPLEX) extension project will further spur economic development in Northern Luzon, the Department of Finance (DOF) said.<\/p>\n
\u201cThe TPLEX Extension Project\u2019s swift approval demonstrates the President Ferdinand R. Marcos Jr. administration\u2019s resolve to cut bureaucratic red tape and streamline government processes. This is critical to accelerating much-needed investments in infrastructure,\u201d Finance Secretary Benjamin Diokno said in a statement over the weekend.<\/p>\n
The National Economic and Development Authority (NEDA) Board chaired by President Marcos approved on Friday the TPLEX extension project.<\/p>\n
The evaluation and approval process for the project is the fastest recorded for a public-private partnership (PPP) proposal.<\/p>\n
The proposal was submitted to the Investment Coordination Committee on March 23 and subsequently elevated to the NEDA Board.<\/p>\n
The NEDA Board gave the Department of Public Works and Highways permission to commence negotiations with the project\u2019s original proponent.<\/p>\n
To ensure a thorough and fair evaluation process, the DOF introduced provisions to the parameters, terms, and conditions to limit government contingent liabilities in case of concessionaire default.<\/p>\n
The TPLEX extension project is expected to cut the travel time from Rosario to San Juan, La Union province from 96 minutes to 42 minutes.<\/p>\n
The first segment spanning Rosario to Tubao is estimated to be operational by 2026, while the entire project is to be completed by 2028.<\/p>\n
\u201cThe government is committed to strengthening and facilitating PPPs. This requires a well-functioning and responsive policy framework, underpinned by transparency and accountability,\u201d Diokno said.<\/p>\n
The 89.31-kilometer TPLEX that spans Tarlac City, Tarlac to Rosario, La Union was completed in 2020. (PNA)<\/p>\n","protected":false},"excerpt":{"rendered":"
Approval of the PHP23.4-billion Tarlac-Pangasinan-La Union Expressway extension project to drive economic development in Northern Luzon, cutting travel time significantly.<\/p>\n","protected":false},"author":73,"featured_media":249162,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19565],"tags":[],"class_list":["post-249161","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business-today"],"zyndk8_nxtgen_metadata":[],"_links":{"self":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/249161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/users\/73"}],"replies":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=249161"}],"version-history":[{"count":0,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/posts\/249161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=\/wp\/v2\/media\/249162"}],"wp:attachment":[{"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=249161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=249161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uptownmanila.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=249161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}