P200-B Pasig River rehab a game changer for Philippines — AIIB

MANILA, Philippines — China-led Asian Infrastructure Investment Bank (AIIB) is urging the government to initiate a project for the rehabilitation of Pasig River, citing numerous socioeconomic benefits such alleviating floods in Metro Manila, rise in the prices of properties built along the banks and provision of alternative modes of transportation.

AIIB alternate director for the Philippines Rolly Macasaet said the rehabilitation of the river is among the game-changing projects the bank would be willing to fund.

“The game-changing project for the Philippines that the AIIB can really help in is the rehabilitation of a major river….I challenge the government and perhaps members of the PCCI (Philippine Chamber of Commerce and Industry) to lead the rehabilitation of the Pasig River,” he said during a session on Philippine-China economic ties at the 43rd Philippine Business Conference hosted by the PCCI.

It would cost around P200 billion (roughly $4 billion) to rehabilitate the river and its environs but the benefits are widespread, said Macasaet. At the environmental and social level, it can ease the perennial flooding problem in Metro Manila and improve the quality of life of people living near the river. On the economic aspect, prices of properties built along the banks would rise, benefitting from the construction of walkways and parks. Rehabilitating the river would also contribute to decongestion efforts in Metro Manila as alternative modes of transportation will be available.

“But the government should initiate this and, perhaps, at my level, I can endorse it to the (AIIB) board for it to move forward,” said Macasaet.

Jin Yuan, commercial counselor of the Chinese Embassy in Manila, said the rehabilitation of the Pasig River can be integrated with the two bridge projects in Manila that would be funded by grants. These are the Binondo-Intramuros Bridge and the Estrella-Pantaleon Bridge that will traverse Pasig River.

“Since we are building bridges that will go across, were going to look at the Pasig River,” he said, noting President Duterte has expressed concern about the state of the river. “So the Pasig River rehabilitation will become an urgent project. But the Pasig River is very large, so for the whole river we have a limitation. But the Chinese government is very willing to work with AIIB to carry out this very important project.”

Socioeconomic Planning Secretary Ernesto Pernia said the government could still consider including the Pasig rehabilitation project among its flagship projects.

“This project has not only environmental value, but also social and economic value. I think it’s a good idea that we include this among our big-ticket projects. It can also be a resource for transportation. We just did not consider it in the list because we are concerned about the physical infrastructure especially in the transportation sector,” he said. “Come to think of it, we should have included it among the 75 flagship projects but is never too late, this is not cast in stone. The list is flexible.”

Pernia said he would bring up AIIB’s proposal during today’s meeting of the multi-agency Investment Coordination Committee (ICC) as it has to be approved by the committee first before pre-investment activities can be undertaken and financing means for such can be discussed.

The Pasig River, which stretches 25 kilometers, connects Manila Bay to Laguna de Bay. It’s main tributaries are the Marikina River and the San Juan River.