According to the Asian Development Bank (ADB), the Philippines is doing well in making up the infra surplus through the current administration’s “Build, Build, Build” program.
The US government is also exploring infrastructure investments in the country and the entire Asean region with the aid of the private sector and multilateral lenders like ADB.
ADB economic research and regional cooperation department director Rana Hasan said that the big-ticket infrastructure projects were “the right way to go” after years of infra drought.
Under “Build, Build, Build,” the government would roll out 75 projects amounting to about P2.18 trillion.
As per the National Economic and Development Authority (NEDA), 46 out of these 75 projects were already in the implementation stage as of the tail-end of April. These projects have a combined cost of Php1.56 trillion. Meanwhile, 24 big-ticket projects amounting to Php527.98 billion are now being developed while five other projects totaling to Php84.29 are currently being reviewed.
According to Hasan, infra development would address poverty reduction better by promoting trade and investments.
For her partLynne Gadkowski, counselor for economic affairs at the US Embassy in Manila said “[US] administrations come and go, but the prioritization of this region is incredibly important to the United States” under its US Indo-Pacific Strategy.”
Gadkowski pointed to Asean’s economic growth, the opportunities it presented as well its prime demographic location in the region as the reasons for the United States’ bullish view.
The Asia-Pacific region needs $1.7 trillion yearly to narrow its infrastructure gap.
Source: Philippine Daily Inquirer
