Philippines to sustain infrastructure spending at 5 pct to 6 pct of GDP

By Xinhua News Agency On Mar 8, 2023

MANILA, March 8– The Philippine government will sustain its annual infrastructure spending at 5 percent to 6 percent of the country’s gross domestic product, National Economic and Development Authority Secretary Arsenio Balisacan said on Wednesday. “I think the essence of what makes our goal ambitious is the fact that we have limited fiscal space, but there is…

MANILA, March 8 (Xinhua) — The Philippine government will sustain its annual infrastructure spending at 5 percent to 6 percent of the country’s gross domestic product, National Economic and Development Authority Secretary Arsenio Balisacan said on Wednesday.

“I think the essence of what makes our goal ambitious is the fact that we have limited fiscal space, but there is so much space in other areas that can be utilized, which is why it is so important for us to really create that enabling environment and encourage private sector participation in our projects,” Balisacan told an ASEAN conference.

Given the country’s limited fiscal space, the administration of President Ferdinand Romualdez Marcos has reiterated its firm and solid commitment to prioritizing public-private partnerships (PPPs) in supporting and complementing its infrastructure drive.

“Pursuing PPPs will allow the government to harness the private sector’s financial and technological resources and ability to respond to market risks and opportunities in an agile manner, and capacity to manage large-scale projects,” Balisacan added.

Balisacan expressed confidence in the country’s position as a viable option for the investment community as it continues progressing with its economic agenda for infrastructure development. According to him, the Philippines plans to transform the economy and achieve rapid and sustained economic growth through strategic programs, including infrastructure development.

Balisacan assured the private investors that the government is actively pushing for critical reforms to regulatory frameworks to encourage greater private-sector participation in infrastructure development. “There has never been a better time to invest in the Philippines than now, the country welcomes all and is indeed open for business,” he added. Enditem

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