By Roderick T. dela Cruz

The Investment Coordination Committee of the National Economic and Development Authority has approved the upgrading of the government-owned broadcast network PTV 4.

Neda said in a statement that People?s Television Network Inc. aimed to modernize the analog broadcast facilities and equipment of the network.

It said the upgrade would strengthen the efficiency and effectiveness of the network as an integral and critical part of the government?s information system.

The rehabilitation of the network is estimated to cost P470 million, with about 85 percent of the funding to be secured from the US Export-Import Bank. London Forfaiting Americas Inc. is extending a loan to finance 15 percent of the project cost.

The Neda committee also approved the Public Works Department?s bridge project that will involve construction of 242 bridges along national roads nationwide at total a cost of P9.6 billion.

The UK government will finance P8.3 billion of the total cost of the bridge project while Manila will raise P1.31 billion.

The committee also re-evaluated the Iloilo Flood Control Project Phase 2 (Stage 1) and its change in scope and cost increase of P1.68 billion.

The flood control project sought to mitigate flood damage to create a more sustainable urban community in Iloilo. It is expected to benefit six districts of Iloilo City with a total land area of 685 hectares.

Neda said it approved the change in scope of works to avoid further delays in the completion of the project owing to right-of-way problems.