MANILA - President Rodrigo Duterte needs to raise at least P8 trillion to fund an ambitious overhaul of the country's creaking transportation networks, the head of his economic team said.
An initial list of 18 projects, including roads, bridges and railways, will cost around P427.5 billion and was recently approved by the National Economic Development Board, Finance Secretary Carlos Dominguez said.
"That is a huge price tag, to be sure, and it is my happy duty to find the revenues to support that,” Dominguez told a recent business forum, according a statement from his office on Tuesday.
"Building infra, as you are aware, has the highest multiplier effect on the economy. It is also indispensable to transforming the nature of our growth so that it is led by investments instead of consumption," he said.
Duterte, who took office last June, has promised to take the country's infrastructure to the "golden age." He has also asked Congress for "emergency powers" to help ease traffic congestion in the capital that results in daily economic losses of P2.4 billion, according to a Japanese study.