Marcos OKs release of P145B for Mindanao highway project
President Marcos has directed the release of P145.56 billion for the Central Mindanao High Standard Highway Construction Project, aimed at cutting travel time nearly in half and boosting economic growth across the region, the Department of Budget and Management (DBM) said.
The highway will improve connectivity between Cagayan de Oro and Malaybalay, reducing travel time from 6.5 hours to just 3.5 hours, the agency said in a press release on Monday.
The DBM noted that the shortened travel time would translate into lower transport costs and more efficient movement of goods, benefiting commuters, farmers, businesses and local communities.
‘Guarantee’
The agency also said that its issuance of a forward obligational authority (FOA)—a certificate of commitment to a national government agency for foreign-assisted projects—serves as a guarantee that funds will be available for the project.
“Under the President’s directive to accelerate infrastructure development, we are ensuring that projects will not be delayed due to lack of funds,” Budget Secretary Rolando Toledo said in Filipino, as quoted in the press release.
He added: “With this FOA, continuous financing is guaranteed until completion—so that Filipinos, especially in Mindanao, can quickly experience the benefits of smoother, faster and safer travel.”
According to Toledo, this is not just about building a road, reiterating that “it is about connecting communities, shortening the distance between opportunities and making everyday life easier for our kababayans.”
The project will be financed through loan proceeds from the Japan International Cooperation Agency and the Asian Development Bank, alongside counterpart funding from the Philippine government.
