(Photo courtesy of DBM)
MANILA – President Ferdinand R. Marcos Jr.'s Cabinet officials showcased the "Build Better More" program at the Philippine Business Opportunities Forum (PBOF) held in Tokyo, Japan on Feb. 10, in an effort to invite more businesses to invest in the Philippines.
In a press release on Monday night, the Department of Budget and Management (DBM) said this is an ambitious program that targets infrastructure spending to reach 5 to 6 percent of GDP annually, in line with the administration’s Medium-Term Fiscal Framework.
The program shall help the country gain high-trajectory growth of 6.5 to 8.0 percent of GDP in the medium term.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual, Department of Public Works and Highways (DPWH) Secretary Manuel Bonoan, and Department of Transportation (DOTr) Secretary Jaime Bautista joined the second panel discussion of the PBOF which focused on how their respective agencies catalyze growth in Philippine industries and infrastructure sectors.
Emphasizing a multi-sectoral approach to the country's infrastructure development specifically for the tourism sector, DOTr Secretary Bautista shared that there are already two planned airport developments in Greater Manila, as well as plans to modernize the Manila International Airport and transfer Dumaguete Airport to reduce congestion.
Alongside these airport system developments, railway systems will also get an upgrade to reduce the travel time of passengers and induce connectivity in different areas of the Metro. This will be supported with PHP3.09 billion for the aviation infrastructure program and PHP48.79 billion for the Rail Transport Program for 2023.
High standard highways and expressways across regions in the Philippines will also continue to be developed for logistics infrastructure and industry development.
A total of PHP478.69 billion has been allocated for road networks under this year’s budget to help reduce transportation and logistics costs.
Recognizing the vulnerability of the Philippines to hazards that hinder the efficient delivery of goods and services, the DPWH has also put in place flood control programs which will be supported with PHP283.23 billion for the construction and improvement of flood control systems.
In addition, technical assistance and sharing of technology for disaster-proofing of infrastructure are provided by Japan to the Philippines through its Japan International Cooperation Agency.
On Feb. 10, Marcos, together with his Cabinet Secretaries, led the signing of 35 Letters of Intent (LOIs) between the Philippines and Japan, covering partnership opportunities in the areas of manufacturing, infrastructure, transportation, healthcare and renewable energy, among others. (PNA)
