The National Economic and Development Authority will soon start the construction of a new central office building in Ortigas district, after the Budget Department approved the release of a P2.68-billion budget for the project.
The Budget Department said it issued the multi-year obligational authority for the construction of the proposed Neda central office building from 2017 to 2020.
It said the MYOA covered an amount of P2.68 billion for the four-year project.
The general provisions of the annual General Appropriations Act state that government agencies must secure a MYOA from the Budget Department for the implementation of multi-year projects.
A MYOA ensures that the succeeding funding requirements of a multi-year project shall be included in the budget program per year of implementation. It is the basis for the approved budget contract as provided in the Government Procurement Reform Act.
The proposed project involves the construction of a modern 15-story office building that will house some 999 employees of the Neda central office and attached agencies, including Public-Private Partnership Center of the Philippines, Tariff Commission and the Philippine National Volunteer Service Coordinating Agency.
The project is also included in the three-year rolling infrastructure program (2017-2019), the immediate priority infrastructure programs to be undertaken in three-year periods to promote the optimal use of public resources for infrastructure development.
Under the MYOA, the yearly budgetary requirement for the Neda building project will be P573.9 million for 2017, P592.9 million for 2018, P747.7 million for 2019 and P769.4 for 2020.
This year’s budget includes P20 million to cover the architectural and engineering design of the proposed building.