MANILA, Philippines - The National Economic and Development Authority (NEDA) approved on Tuesday a P6.48-billion project aimed at rehabilitating infrastructure damaged by killer typhoons Ondoy (international codename: Ketsana) and Pepeng (Parma).

The board of NEDA approved the "Post Ondoy and Pepeng Short-Term Infrastructure Rehabilitation Project" to be implemented by the Department of Public Works and Highways (DPWH).

The project seeks to rehabilitate damaged flood control facilities, roads and bridges in Luzon. It is seen to restore access to socioeconomic activities in affected areas and contribute to the safety of their residents.

The project will be financed through a P5.31-billion loan from the Japan International Cooperation Agency (JICA), with government shelling out an additional P1.17 billion. The loan from JICA will have a term of 40 years, including a grace period of 10 years, with an interest rate of 0.01% per annum.

The project is expected to commence by March 2010 and will be completed by 2012.