Economists at the University of Asia & the Pacific (UA&P) and the First Metro Investments Corporation are expecting the Duterte administration to speed up infrastructure projects crucial for creating further economic growth and jobs in the country.
As President Rodrigo Duterte embarked on his second year in office, UA&P economist Victor Abola said they are banking on heavy infrastructure spending under his administration’s “Build, Build, Build” program.
“Let’s establish, push the infrastructure really because that’s going to be the driver from the government side,” he said in an interview. “You have to see that infrastructure means lower costs for us for doing business, moving the goods, moving people, which are essential for an efficient economy.”
The economist thus underscored the need to implement the right-of-way (ROW) law, as he identified ROW as the major obstacle to infrastructure development.
The Department of Public Works and Highways (DPWH) was in talks with the Supreme Court over the creation of a court that will resolve cases involving ROW issues possibly this year.
For his part, First Metro Investment Corporation (FMIC) chairman Francisco Sebastian said infrastructure creates capacity, particularly in tourism and agriculture sectors.
Sebastian pointed out that previous two pillars of the economy –the overseas Filipino workers (OFWs) and business process outsourcing (BPO)– affect only consumption and do not involve manufacturing and investments.
“We should have engine of growth other than that,” he said. “We like we hear about infrastructure, it sounds very promising. We are pleased that Dutertenomics is now part of the world economic lexicon. What does it mean? It means pushing economic growth through aggressive infrastructure spending.”
The administration aimed to spend PHP8.4 trillion for infrastructure over the next six years under its “Build, Build, Build” program.
The National Economic and Development Authority (NEDA) Board has approved for adoption 75 high-impact infrastructure flagship projects, 53 of which amounted to PHP1.58 trillion.
FMIC is an investment banking arm of the Metrobank Group, one of the country’s largest financial conglomerates. (Leslie D. Venzon/PNA)
