Marcos gov’t focusing on infra for economic growth
March 18, 2023 - Saturday 4:03 PM by Kristine CasampolPhoto courtesy: Department of Finance
Finance Secretary Benjamin Diokno said that the administration of President Ferdinand “Bongbong” Marcos, Jr. is prioritizing infrastructure spending to help the economy grow.
Through the recently approved list of Infrastructure Flagship Projects (IFPs) by the National Economic and Development Authority (NEDA) Board, Diokno introduced the administration's agenda for infrastructure development to the American Chamber of Commerce of the Philippines (AmCham).
“Central to the Marcos Jr. administration’s growth strategy is infrastructure development. From this year until 2028, we aim to keep infrastructure spending above 5 percent of [gross domestic product] annually,” Diokno said at AmCham’s General Membership Luncheon Meeting in Makati on Friday.
Diokno noted that the Philippine government has high-impact IFPs costing P9 trillion that are intended to boost infrastructure for agriculture, water resources, health, power, and physical and digital connectivity.
“We expect to see a surge of quality and resilient jobs over the next few years as a result of these high-impact projects,” Finance Secretary said.
Diokno stated that the administration is dedicated to pursuing the road of fiscal consolidation through the Medium-Term Fiscal Framework (MTFF) to satisfy the country's spending needs.
Public-Private Partnerships (PPPs) will also be important in assisting the nation in maintaining high levels of spending without placing an undue burden on the country's finances.
The government intends to protect coming generations through The Maharlika Investment Fund (MIF), which will serve as a vehicle for strategic and profitable investments in important areas.
“The Fund has the potential to play a key role in accelerating the implementation of the close to 200 infrastructure flagship projects recently approved by the NEDA Board,” said Diokno.
AmCham is a private, autonomous, non-profit organization that was established in Manila in 1902 and gives Filipino and American businesses the opportunity to interact, advance their long-term goals, and support the civic and economic growth of the Philippines.
It includes chapters throughout North Luzon, Visayas, and Mindanao and maintains tight ties with business chambers around the globe, including the Philippine Chamber of Commerce & Industry.
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