CLARK FREEPORT ZONE, Pampanga – Development in central and northern Luzon already reflects the Asian Development Bank's (ADB) aspirations for inclusive growth in the region, Finance Secretary Carlos Dominguez III has said.
In a press conference Friday, Dominguez said the country is poised to take a leadership role in the agenda of inclusive growth, which is expected to be the core of next month’s 51st Annual Meeting of the Board of Governors of the ADB in Manila.
The ADB Manila 2018, which will be held on May 3-6, carries the theme, “Linking People and Economies for Inclusive Development”.
Dominguez cited the government’s development projects in central and northern Luzon, bringing growth opportunities outside Metro Manila.
He said three of the flagship infrastructure projects of the Duterte administration are in central and northern Luzon.
These are the PHP2.7-billion Chico River Pump Irrigation Project, irrigating 8,700 hectares of agricultural land in 21 barangays in Cagayan and Kalinga and benefitting 4,350 farmers; the PHP211.45-billion Philippine National Railways North 2 Project, connecting Malolos City, Bulacan to Clark International Airport and New Clark City; and the PHP15.35-billion Clark International Airport New Terminal Building Project, expanding the airport capacity to accommodate 8 million passengers.
The finance chief also cited the development of a new and well-planned metropolis in Central Luzon, the 9,450-hectare New Clark City that is expected to contribute trillions of pesos to the economy once fully developed, as an initiative to bring economic development and employment opportunities in Central Luzon and nearby areas.
Dominguez added that the government's strategy of “aggressively closing the infrastructure gap” to link isolated areas to economic opportunities “jives well” with the theme of ADB Manila 2018.
"We are uniquely positioned to lead deliberations on this theme. The Duterte administration has embarked on a program of reform to shift our economic expansion from being consumption-led to one that is investments-led," Dominguez said.
“Our economic policies are being fine-tuned to draw in long-term investments that will create meaningful employment for our young people,” he added.
The reforms undertaken by this administration, he said, should enable the private sector to participate in creating opportunities in other parts of the country.
Meanwhile, ADB Secretary Woochong Um said the Philippines’ hosting of this year’s ADB meeting will highlight the country’s growth story, which can serve to draw in more investments.
“The Philippines is on the right track. With the government’s 'Build Build Build' program, we see great things happening as it ushers in a new era of infrastructure in the country. With this, positive spillover effects will bring about jobs for people and new businesses, paving the way for sustainable and inclusive growth,” he said. (PNA)
