DOF: Infrastructure development central to Marcos administration's growth strategy
Finance Secretary Benjamin E. Diokno said President Ferdinand "Bongbong" Marcos Jr.'s administration's growth strategy leaned heavily on infrastructure development through the National Economic and Development Authority (NEDA) Board's recently approved list of Infrastructure Flagship Projects (IFPs).
"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," said Diokno during the American Chamber of Commerce of the Philippines' (AmCham's) General Membership Luncheon Meeting in Makati on Friday.
The Finance Department Secretary added that the Philippines had P9 trillion worth of high-impact IFPs that would 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," he said.
Diokno also emphasized that the government was committed to pursuing fiscal consolidation through the Medium-Term Fiscal Framework (MTFF) to support the country's spending needs.
Moreover, Public-Private Partnerships (PPPs) would also play a significant role in helping the country maintain massive spending without straining fiscal space.
The government also aimed to secure future generations through the Maharlika Investment Fund (MIF), noting that the fund had "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."
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. — DVM, GMA Integrated News