Infra overdrive seen spurring 6.2% growth
The economy possibly grew further during this period because of robust infrastructure spending and public-private partnerships or PPPs.
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The economy possibly grew further during this period because of robust infrastructure spending and public-private partnerships or PPPs.
The economy likely leaped by a strong 6.2 percent in the first quarter as the government completed more infrastructure projects, the University of Asia and the Pacific (UA&P) professor Victor Abola said.
“The economy possibly grew further during this period because of robust infrastructure spending and public-private partnerships or PPPs,” the economics professor told The Daily Tribune in a text message last Friday.
Abola’s latest forecast is slightly higher than the 6.1 percent gross domestic product growth estimate shared by First Metro Investment Corp and UA&P Capital Markets Research in their joint report last month.
His 6.2 percent projection is also more upbeat than the 5.6 percent economic growth in the last quarter of 2023 the Philippine Statistics Authority announced.
Abola’s statement came after the PPP Center recorded 55 PPP projects that were completed as of 29 March. The total cost reached P301.42 billion.
P3.2-T projects to go
PPP Center’s data showed 190 more projects worth P3.2 trillion are still being built.
Construction activities nationwide continued as the country’s gross capital formation, which includes the acquisition of construction equipment, rose by 11.2 percent last year, based on government statistics.
Meanwhile, government spending slightly increased by 0.4 percent year-on-year.
The government taps the PPP scheme to reduce its expenditure as the private sector shoulders a portion of the project cost while maximizing the companies’ human and material resources.
The National Economic and Development Authority approved 185 infrastructure flagship projects or IFPs worth P9.14 trillion.
These include airports, roads, seaports, and water facilities the private sector can help build. Based on the agency’s IFP dashboard, 1 project was already completed and 67 are under construction.
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