Despite successful partnerships with other countries which he has forged in the recent months, the Duterte administration stills need at least 8 Trillion pesos to close the gap in the infrastructure budget for his six-year term.
Finance Secretary Carlos Dominguez III divulged the information in a statement where he said:
“Budget Secretary Benjamin Diokno estimates that we need to invest about P8 trillion over the next six years on infra to be on a par with our neighbors. To put this amount in perspective, the total resources of the Philippine financial system is P16.2 trillion,”
“That is a huge price tag, to be sure, and it is my happy duty to find the revenues to support that,”
The National Economic Development Authority has initially approved 18 big-ticket items which is estimated to be worth P427 billion. These projects are "much more than what the previous administration undertook during its entire tenure in office,"
“Building infra, as you are aware, has the highest multiplier effect in the economy. It is also indispensable to transforming the nature of our growth so that it is led by investments instead of consumption," Dominguez further said.
"Investment-led growth, in turn, will create quality jobs. This is the predicate for inclusive growth,”
“By some estimates, we are at least a couple of decades behind our neighbors when it comes to infrastructure development. We need everything from new airport capacity, cheaper and more efficient power sector, actually functioning rail systems and even new digital pathways,"
"We need more public health care facilities and classrooms. According to some planning experts, we do not only need to decongest cities but do so by building new urban centers,"
Despite this gap, the administration remains positive in their endeavor of finishing all the projects.
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