PH Welcomes Investments in Infrastructure

The Philippines is inviting more Asian investors to invest in its infrastructure efforts in this year’s Philippine Economic Briefing held in Singapore.

According to the National Economic and Development Authority (NEDA), the infrastructure development of the country remains a top priority through the ‘Build-Better-More’ Infrastructure Flagship Projects (IFP).

NEDA Secretary Arsenio Balisacan encourages tycoons to further invest in the country’s infrastructure efforts, citing the importance of these projects to the country’s development.

“The private sector serves as the engine of growth and innovation in the Philippines, and by leveraging its financial muscle, technological expertise, and managerial capacities, we can deliver better public services, lower consumer prices, and improve the quality of life for all Filipinos,” Balisacan said.

He also agrees with President Ferdinand Marcos Jr. on the impact of Public-Private Partnerships (PPPs) in the infrastructure development in the country.

“The Marcos Administration is promoting PPPs as a mode of financing the IFPs and other high-impact projects in physical, digital, and social infrastructure. These PPP opportunities encompass investments in transport and road projects, property development, health, water and sanitation, ICT, solid waste management, energy, and tourism,” said Balisacan.

The country is committed to spending around 5% to 6% of the country’s gross domestic product or approximately USD20 billion to USD40 billion per year on infrastructure from 2023 to 2028.

Moreover, 194 IFPs were approved by the government, which will cost around USD148 billion or PHP8.3 trillion. These projects focus on developing physical and digital connectivity and managing water resources. (ASC)