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Gatchalian Flags P295-M Fees Paid Due to Transport Project Delays
Senator Sherwin Gatchalian flagged P295 million in commitment fees paid by the government for delayed or unfunded foreign-assisted transport projects. The issue was raised during the Senate finance subcommittee hearing on the Department of Transportation's budget, highlighting concerns over fund management and project efficiency.
MANILA, Philippines – Senate President Sherwin Gatchalian flagged on Friday P295 million in commitment fees paid by the government for major transport foreign-assisted projects that have long been delayed or failed to secure loans from development banks. Gatchalian flagged the delayed projects during the Senate finance subcommittee hearing on the Department of Transportation’s (DOTr) budget. Commitment fees are paid to development banks to reserve funds for a project. When projects are delayed or fail to secure loans, these fees become a loss for the government. This highlights the need for greater scrutiny of the DOTr’s project management and financial oversight, especially for projects that are crucial for the country’s economic development and connectivity. Information Source: Inquirer NewsInfo
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Inquirer NewsInfo