EDUCATION

closed

The project to be financed by the proposed Bank loan is the construction of the physical facilities and the procurement of the necessary equipment to carry out the program. Together with site facilities, architects and engineering fees and administration costs the total cost of this part of the program is estimated at 47 million pesos of which the loan would finance about half. This estimate is based on preliminary drawings which were used to establish satisfactory space utilization ratios to ensure that the facilities were adequately suited to the academic curriculum and that unit costs would be reasonable. The Government has already appropriated 21 million pesos for the project and has undertaken to provide the University of the Philippines when needed with additional funds necessary to complete the project. The government will provide the University of the Philippines with the funds to cover the total cost of the project, including the proceeds of the bank loan, as a grant.