CEBU CITY -- The Duterte administration plans to build eight major bridges with an estimated total cost of PHP269.19 billion to connect the islands of the Visayas and link them to Luzon, as part of the government’s massive infrastructure buildup and to create more jobs outside Metro Manila, Finance Secretary Carlos Dominguez III said.
“These bridges will provide growth corridors and ensure that none of the major islands of the Visayas will be left behind in the country’s race to progress,” Dominguez said in a speech read for him by Finance Undersecretary Bayani Agabin at the closing of the Philippine Economic Briefing (PEB) held at the Marco Polo Hotel on Thursday.
Dominguez said the eight proposed bridge projects that are set to be submitted to the Investment Coordination Committee (ICC) for approval are: 1) an 18.2-km. bridge to connect Samar provinces to the main island of Luzon; 2) a 20-km. bridge connecting Leyte to Mindanao Island through either an Underwater Tunnel Bridge or a Long-Span Overhead Bridge; 3) the 5.7-km. Panay-Guimaras bridge; and 4) the 12.3-km. Guimaras-Negros inter-island linkages connecting these islands.
Also set for ICC approval are: 5) the 1-km. Bohol-Lapinig Island bridge; 6) the 18.-km. Lapinig Island-to-Leyte bridge; 7) the 5.5-km. Cebu-Negros Link Bridge; and 8) the 24.5-km. Cebu-to-Bohol Link Bridge.
Dominguez said the proposed bridges are on top of four big-ticket projects in the Visayas under the “Build, Build, Build” program already approved for implementation by the National Economic and Development Authority (NEDA) Board.
These are the three airport improvement projects and the New Cebu International Container Port.
“Our infrastructure investments, estimated at USD170 billion between now and 2022, have very high multiplier effects. By undertaking these thoroughly studied strategic projects, we will stimulate economic activity. Jobs and opportunities will be created, and we are confident we can bring down poverty incidence to only 14 percent by 2022,” the finance chief said.
The country-based PEB, now on its third and final leg here, aims to provide a “comprehensive back story to the headline numbers of (the country’s) outstanding economic performance,” he said.
This back story, Dominguez said, will be sustained via a massive infrastructure modernization program supported by a comprehensive tax reform package; grants and concessional loans extended in the form of official development assistance (ODA) from the Philippines’ allies in the region; and financing support from multilateral institutions, such as the Asian Development Bank (ADB), World Bank (WB), and the Asian Infrastructure Investment Bank (AIIB).
“’The Build, Build, Build’ program is in full swing. We are continuing with our comprehensive tax reform program. Investment flows into our economy will continue to rise dramatically,” Dominguez said.
According to him, Filipinos will feel the economic benefits of these infra projects “very soon,” with the country “moving strongly towards achieving a high middle-income status in a few years.”
“Be assured that President Duterte is fully committed to the overall economic program that will make our growth more inclusive, our people more prosperous and our communities stronger and safer,” he said.
The Philippines, Dominguez noted, is now one of the best performing economies in Asia, with the ADB declaring the country as having entered its “golden age” of economic growth. (PNA)
