During a Senate finance subcommittee session regarding the Department of Transportation's budget, Senator Sherwin Gatchalian highlighted the loss of 295 million pesos in commitment fees. These costs were incurred by the Philippine government due to significant delays in major foreign-assisted transport initiatives. According to the senator, these financial penalties arose because several projects failed to secure the necessary loans from development banks in a timely manner. The issue was raised as part of the legislative review of the department's proposed funding for the upcoming fiscal year, emphasizing concerns over the management and implementation of infrastructure projects supported by international financial institutions.
Source : Philippine Daily Inquirer
Photo : Philippine Daily Inquirer
