MANILA, Philippines - First of all, may we thank the Inquirer for publishing the letter of Gen. Narciso L. Abaya (ret.) president and CEO of the Bases Conversion and Development Authority (BCDA), which was meant to set the record straight on the amount of the supplemental loan for the Subic-Clark-Tarlac Expressway ( SCTEX) project. (Inquirer, 4/10/08)
May I point out, however, that the title used for the letter inadvertently cited the P6.5-billion supplemental loan as the actual project cost. The P6.5-billion supplemental loan from the Japan Bank for International Cooperation (JBIC) will finance, among others, the construction of three additional interchanges and access roads.
Let me clarify that the actual project cost of the 93.77-km
SCTEX stands at P27.2 billion. Of this amount, P22.63 billion is the direct cost, meaning expenses incurred for civil construction works on the SCTEX. The indirect costs of P3.34 billion include land acquisition, consultancy services, project management expenses and taxes and duties. Financing costs of P1.23 billion include Department of Finance (DOF) guarantee fee and JBIC loan interests during the construction period.
I hope this clarification will put the fiscal issues on the SCTEX in proper perspective.
?BRIG. GEN ROBERT C. GERVACIO (ret.), OIC,
Office of the SCTEX Program Director, and SCTEX program manager for operational support services