The National Economic and Development Authority (NEDA), in its Update on the Incidence of Cost Overruns in the ODA (Official Development Assistance) portfolio, reported that 19 projects incurred cost overruns amounting to PhP28.53 billion in end-September 2009. This amount was lower than the P33.34-billion worth of overruns incurred involving 21 projects in end-2008.
Cost overruns are defined as additional costs over and above the NEDA-Investment Coordination Committee (NEDA-ICC) approved budget.
Moreover, loans for three Japan International Cooperation Agency (JICA)-assisted projects that incurred cost overruns closed or were completed during the period January to September 2009. These projects are: the Casacnan Multipurpose Irrigation and Power Project, Bohol Irrigation Project II and Laoag River Basin Flood Control and Sabo Project. (NEDA)
