MANILA -- The government’s massive infrastructure program can contribute as much as PHP31.2 trillion to the economy over the next five years, according to the National Economic and Development Authority (NEDA).
NEDA Assistant Secretary for Investment Programming Jonathan Uy told reporters on Wednesday the infrastructure program’s gross-value added to the economy is three times the investment requirement of PHP9 trillion.
“The impact to the economy is triple than the investment of the government for infrastructure,” he said.
Uy said infrastructure development is also expected to generate about 1.1 million new jobs every year.
The NEDA Board as of May 2018 approved 35 flagship infrastructure projects out of 75 high-impact projects.
Among these 35 projects are PHP356.96-billion Metro Manila Subway Project-Phase 1, the PHP211.42-billion PNR North 2 (Malolos-Clark Airport-Clark Green City Rail) project, the PHP175.32-billion PNR South Long haul (Manila-Bicol), and the PHP124.14-billion PNR South Commuter Line (Tutuban-Los Banos).
Of these projects, 16 are estimated to be completed by 2022, while the remaining 19 will extend beyond 2022.
“Beyond NEDA Board approval, the projects will have to go through the remaining phases of the project cycle. We must keep the infrastructure momentum and make sure there are no delays,” said Socioeconomic Planning Secretary Ernesto Pernia.
The 35 NEDA Board-approved projects worth PHP1.24 trillion have undergone the full review by the Investment Coordination Committee (ICC), an interagency Cabinet-level body.
Thirty-two of the said 35 projects are now in various stages of implementation. These stages include; budgeting/financing, detailed engineering design and procurement. These take place before actual construction, which is the stage that is visible to the general public.
Uy said 33 more projects are up for ICC/NEDA Board approval.
The list of 75 infrastructure flagship projects (IFPs) with total investment requirement of PHP1.879 trillion was adopted by the NEDA Board, chaired by President Rodrigo Duterte in Malacañang on June 27, 2017.
“...Infrastructure is crucial to economic growth. We recognize infrastructure’s pivotal role in connecting our peoples, boosting economic competitiveness in the regions, reducing poverty and inequality, and strengthening communities’ disaster resilience,” added Pernia.
The NEDA has identified some 4,490 infrastructure programs/activities/projects under the 2017-2022 Public Investment Program. (PNA)
