ICC endorses Davao Food Complex project for Duterte’s approval
The Investment Coordination Committee (ICC)-Cabinet Committee is set to endorse to President Rodrigo Duterte for final approval the P1.1-billion Davao Food Complex project, which aims to improve the agriculture trade in Mindanao region.
National Economic and Development Authority (NEDA) said the Davao Food Complex will help improve the importing and exporting of agro-business products in Mindanao, particularly the Davao Region.
The project will focus on the development, marketing, management, and lease of a 20-hectare government-owned land in Toril, Davao City.
To push through with it, NEDA Undersecretary for Investment Programming Rolando Tungpalan said that the Technical Board and Cabinet Committee of the ICC have established measures to make sure that possible risks on projects will be addressed.
He said that the committee thoroughly reviews all projects—including the proponent’s financial capability, project feasibility, concession agreements, and risk allocations—before these get approved.
Among others, aspects of the project that are reviewed are the Reasonable Rate of Return (RROR), Minimum Performance Standards and Specifications (MPSS) and Key Performance Indicators, as well as the Risk Allocation Matrix.