MANILA - A government panel led by President Rodrigo Duterte has approved 305.64 billion pesos ($6.05 billion) worth of infrastructure projects aimed at spurring one of Asia's fastest growing economies.
The Southeast Asian country is boosting infrastructure spending to create jobs, lift economic growth to as much as 8 percent, and attract foreign investors turned off by high power prices and transport bottlenecks.
The 11 approved projects include:
- Mindanao Railway Project (MRP) Phase 1 Tagum-Davao-Digos Segment
- Malolos-Clark Railway Project (PNR North 2)
- Cavite Industrial Area Flood Risk Management Project
- Clark International Airport (CIA) Expansion Project
- Education Pathways to Peace in Conflict-Affected Areas of Mindanao (PATHWAYS)
- Australia Awards and Alumni Engagement Program – Philippines
- Project Approval and Change in Financing of Chico River Pump Irrigation Project
- New Communications, Navigation and Surveillance/Air Traffic Management (CNS/ATM) Systems Development Project: 30-Month Loan Validity Extension and Reallocation of Funds
- New Configuration of the LRT Line 1 North Extension Project - Common Station / Unified Grand Central Station (North Extension Project)
- Change in Scope, Cost, and Financing Arrangements for the Arterial Road Bypass Project Phase II
- Change in Financing of the New Centennial Water Source – Kaliwa Dam Project
The Philippine economy grew an annual 6.4 percent in the first quarter, among the fastest in the region on strong domestic consumption and exports.
The government's infrastructure spending is expected to rise from a projected 5.4 percent this year to 7.4 percent by 2022, backed by a tax reform program to raise funds for new highways, bridges, ports, train lines and airports. -- with ABS-CBN News