The Market Monitor Minding the Nation's Business
The Multi-Year Obligational Authority (MYOA) for the construction of the proposed National Economic and Development Authority (Neda) central office building from 2017 to 2020 has been issued, according to the Department of Budget and Management (DBM).
The DBM said the MYOA for the four-year project is in the amount of P2,684,102,000.
The General Provisions of the annual General Appropriations Act (GAA) states that government agencies must secure a MYOA from the DBM 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 for every year of implementation. It is the basis for the Approved Budget Contract (ABC) as provided in the Government Procurement Reform Act.
The proposed project covered by the MYOA is the construction of a modern 15-story office building that will house some 999 employees of the Neda central office, as well as attached agencies, namely the Private-Public Partnership Center of the Philippines, the Tariff Commission, and the Philippine National Volunteer Service Coordinating Agency.
This project is also included in the Three- Year Rolling Infrastructure Program (2017–2019), 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 project will be P573.9 million for 2017, P592.9 million for 2018, P747.7 million for 2019, and P769.4 for 2020.
For this year’s budget, the Neda has a P20-million appropriation to cover the architectural and engineering design of the proposed building.