By Prince Golez
The Marcos administration has prioritized infrastructure development as the pinnacle of its vision for a more equitable, prosperous, and resilient Philippines by 2040, recognizing the critical role of the private sector in achieving its goals.
At the High-Level Dialogue-Investing in Infrastructure for Resilience on Wednesday, Marcos Jr. said that with an expected Philippine economy growth rate of at least 7 percent for 2022, his government has made connectivity a priority in multiple realms such as land, sea, air, digital, and meta.
Strong macroeconomic fundamentals and prudent fiscal policies supported the expected 7 percent growth, the highest in Southeast Asia and one of the highest in the Asia-Pacific region, the President said.
He also said the Philippines recognizes the importance of mitigating the effects of climate change on economic growth and resilience, compelling the country to prioritize the design and construction of climate-resilient infrastructure, programs, and projects.
“We have allocated 9 percent of our national budget toward initiatives to support conservation, climate change adaptation and disaster risk reduction. I have committed to work to increase this figure to an average of 15 percent annually,” he told dialogue participants.
Recognizing the role of the private sector partners, Marcos Jr. said the recent amendments to the Build-Operate-Transfer (BOT) Law address concerns about the financial viability and bankability of public-private partnerships, as well as potential delays.
He went on to say that the administration wants to boost investor confidence, particularly in projects that will benefit the social sectors of health, education, and agriculture.
“For this reason, we have taken a proactive approach. We have created a Private Sector Advisory Council, some members are with us and we have formulated many strategies so that we can position the Philippines properly for development and evolution of the new global economy,” the Chief Executive said.
Marcos Jr. also discussed the disruptions and breakdowns that had catastrophic consequences for global business, as well as how the Philippines dealt with those challenges.
His government responded by addressing its ability to keep the economy running in the face of severe disruption, and its ability to recover from adversity, he said.
