The National Economic Development Authority (NEDA) Board chaired by President Gloria Macapagal-Arroyo approved today two important projects worth $345 million that will further improve the lives of Filipinos.

These are the $312.5-million Tarlac-Pangasinan-La Union Expressway project and the $33 million increase in the Social Fund of the Autonomous Region of Muslim Mindanao (ARMM).

The Tarlac-Pangasinan-La Union Expressway is an 88.5-kilometer, four-lane highway that will cut travel time from Manila to Baguio to four hours by half.

The expressway is a build-operate-transfer (BOT) project of Private Infrastructure Development Corp. a consortium led by San Miguel Corp. and DMCI Holdings, Construction, which will begin in the fourth quarter of 2010 and is expected to be completed in 2013, will run parallel to McArthur Highway, starting at La Paz, Tarlac and ending at Rosario, La Union.

Meanwhile, the ARMM Social Fund, which aims to foster sustainable development, has three project components.

Component 1 empowers target communities and creates opportunities for increased community participation in reducing poverty and promoting a durable peace.

Component 2 rehabilitates critical infrastructure damaged during the conflict in 2000 to improve access to and provision of services.

Component 3 supports project management, institutional strengthening and capacity building, and enhanced governance of ARMM, local government units, and other partner institutions.