The National Economic and Development Authority (NEDA) said infrastructure development is key in sustaining the Philippines’ economic growth and fostering inclusion.
NEDA Secretary Arsenio Balisacan said in a statement the government is committed to creating an environment conducive to infrastructure development.
“By expanding and upgrading our infrastructure, we aim to create enabling conditions for high-quality job creation for millions of Filipinos, raise the competitiveness of our local industries, diversify our growth drivers to strengthen economic resilience and enhance regional connectivity by linking our leading and lagging regions,” Balisacan said.
The Philippine Development Plan (PDP) aims to address the challenges plaguing the country’s infrastructure sector, which many observers and analysts perceive as a significant barrier to investment opportunities.
“The Marcos administration was quick to act, and I believe we have made a strong start these past two years. The government enacted and implemented key policy reforms and initiatives to create a more enabling policy and regulatory environment for investment and economic growth,” Balisacan said.
Critical to achieving the 5-percent to 6-percent annual target infrastructure spending to GDP is the continued evaluation, approval and rollout of the 185 infrastructure flagship projects (IFPs) under the “Build Better More” program.
These game-changing, urgently needed and big-ticket projects spanning various sectors are collectively valued at P9.54 trillion, or about $163 billion.
Three projects have already been completed, including the Samar Pacific Coastal Road Project, Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in the Low-Lying Areas of Pampanga Bay Project and the Flood Risk Improvement and Management Project for Cagayan de Oro River.
Another 63 other projects are underway, including the Pasig-Marikina River Channel Improvement Project, Central Luzon Link Expressway and the Panguil Bay Bridge. Thirty-one more have been approved for implementation, six are awaiting government approval and 82 are in the preparation stage.
Balisacan also underscored the government’s enactment or issuance of several critical policies in the past two years to create a more responsive and enabling environment for infrastructure development.
These include the amended implementing rules and regulations (IRRs) of the Renewable Energy Act and the amended Public Service Act, which allow for greater participation of foreign investors in the provision of critical infrastructure.
