DAVAO CITY, Philippines – The Mindanao Development Authority (MinDA) lauded the Asian Development Bank (ADB) for its P19 billion loan to develop the national roads and bridges in Mindanao.
In a statement Tuesday, December 19, MinDA Secretary Datu Abul Khayr Alonto said the loan assistance will help “spur connectivity projects in Mindanao.”
“This reaffirms ADB’s commitment to help strengthen the Mindanao Development Corridors and promote economic growth in Mindanao,” said Alonto.
The official said this will “create ripple effects in Mindanao regions.”
He also explained that the “corridors approach” divides the island economy of Mindanao into four development corridors namely the Northern Mindanao Development Corridor, Southern Mindanao Development Corridor, Western Mindanao Development Corridor, and the Bangsamoro Development Corridor.
Earlier, the ADB announced that its board of directors approved a $380 million (P19.1 billion*) loan “to help the Philippine government strengthen the road network and spur economic development in Mindanao”
The loan will aid the improvement of about 280 kilometers of national roads and bridges under the Improving Growth Corridors in Mindanao Road Sector Project.
The ADB said project is the first Mindanao-specific loan they granted in 16 years and the biggest infrastructure investment in the island.
The ADB added that the roads under the project will be geo-tagged to help the public monitor its development from procurement to construction on the internet. The total project cost is estimated at $503 million (P25.3 billion), with the Philippine government contributing $123 million (P6.18 billion).
Accoding to the ADB, “Mindanao’s road network is less developed than the national average, with only 70% of the roads paved, compared with 82% in Luzon and 89% in the Visayas.” (Zea Correa-Capistrano / davaotoday.com)
*US$1=P50.2836
Asian Development Bank, Datu Abdul Khayr Alonto, Mindanao Development Authority, Mindanao Development Corridor
