Diokno bares infra dev agenda
‘Central to the Marcos Jr. administration’s growth strategy is infrastructure development. From this year until 2028, we aim to keep infrastructure spending above 5 percent of (gross domestic product])annually.’
Finance Secretary Benjamin Diokno tells members of the American Chamber of Commerce of the Philippines on 17 March that the government “expects to see a surge of quality and resilient jobs over the next few years as a result of these high-impact flagship infrastructure projects” lined up for implementation by the Marcos administration. | photograph courtesy of Bloomberg
Finance Secretary Benjamin Diokno on Friday told the American Chamber of Commerce of the Philippines that Ferdinand R. Marcos Jr.’s administration aims to focus on infrastructure for economic growth.
The Finance Chief shared Marcos Jr.’s infrastructure development agenda through the National Economic and Development Authority Board’s recently approved list of Infrastructure Flagship Projects during AmCham’s General Membership Luncheon Meeting.
“Central to the Marcos Jr. administration’s growth strategy is infrastructure development. From this year until 2028, we aim to keep infrastructure spending above 5 percent of (gross domestic product) annually,” Secretary Diokno said.
High-impact flagship projects
The Philippines currently has P9 trillion worth of high-impact IFPs to improve physical and digital connectivity, water resources, health, power and agriculture infrastructure.
“We expect to see a surge of quality and resilient jobs over the next few years as a result of these high-impact projects,” Diokno said.
To support the country’s spending needs, Secretary Diokno shared that the government is committed to pursue the path of fiscal consolidation through the Medium-Term Fiscal Framework.
Public-Private Partnerships will also play a significant role in helping the country maintain massive spending without straining fiscal space.
Secure future generations
The government also hopes to secure future generations through the Maharlika Investment Fund, which will be a vehicle for strategic and profitable investments in key sectors.
“The Fund has the potential to play a key role in accelerating the implementation of the close to 200 infrastructure flagship projects recently approved by the NEDA Board,” Diokno said.
AmCham is a private, independent, non-profit association founded in Manila in 1902 that allows Philippine and American businesses to engage in discussions, promote their long-term objectives, and contribute to the civic and economic development of the Philippines.
It maintains close cooperation with chambers of commerce here and overseas, and has established chapters in North Luzon, Visayas and Mindanao.
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