Manila: President Ferdinand R. Marcos Jr. has authorized the allocation of PHP145.56 billion for the Central Mindanao High Standard Highway project, aiming to accelerate infrastructure development and boost economic activity in the region.
According to Philippines News Agency, the Department of Budget and Management (DBM) has issued a Forward Obligation Authority (FOA) to ensure uninterrupted funding for the project from 2026 to 2034, preventing any delays in implementation. Palace Press Officer Claire Castro stated that the project is anticipated to enhance travel speed, strengthen economic activity, and create more opportunities, particularly in Mindanao.
The highway is set to improve connectivity between Cagayan de Oro and Malaybalay, reducing travel time from approximately 6.5 hours to just 3.5 hours. Budget Secretary Rolando Toledo emphasized that the directive underscores the administration's commitment to fast-tracking high-impact infrastructure projects. Toledo mentioned, "Under the President's directive to accelerate infrastructure development, we are ensuring that no project will be delayed due to lack of funds."
The project will be financed through loans from the Japan International Cooperation Agency (JICA) and the Asian Development Bank (ADB), along with government counterpart funding. Officials have indicated that the highway is expected to lower transportation costs, improve the mobility of goods and services, and stimulate growth in key sectors such as agriculture, logistics, and tourism in Northern and Central Mindanao.
