AIIB clears funding for Metro Manila flood control

MANILA, Philippines - China-backed Asian Infrastructure Investment Bank (AIIB) has already approved the counterpart funding assistance for a $500 million flood control project in Metro Manila, the Department of Finance (DOF) said.

In an interview, Finance Secretary Carlos Dominguez said the AIIB has already given the go-signal to provide the Philippines $207.63 million for the first phase of the Metro Manila Flood Management Project.

“We have concluded already one negotiation wherein they will co-fund the Metro Manila Flood Management Project Phase 1,” Dominguez told reporters.

Dominguez said the project would be co-funded by the World Bank with another $207.63 million, while the remaining $84 million would be shouldered by the government.

The first phase of the Metro Manila Flood Management Project was approved by the National Economic and Development Authority September last year.

It will involve the rehabilitation of 36 pumping stations in Manila, Pasay, Taguig, Makati and Malabon, and the construction of 20 new pumping stations in Manila, Pasay, Pasig, Mandaluyong, San Juan, Caloocan, Valenzuela and Quezon City.

The project will be implemented by the Department of Public Works and Highways and the Metro Manila Development Authority in a span of six years.

Earlier, the finance secretary said the Philippines is still planning to submit more big-ticket infrastructure projects for possible funding from the AIIB.