Finance Secretary Benjamin E. Diokno shared with the American Chamber of Commerce of the Philippines (AmCham) the Marcos Jr. administration’s infrastructure development agenda through the National Economic and Development Authority (NEDA) Board’s recently approved list of Infrastructure Flagship Projects (IFPs).
“Central to the Marcos Jr. administration’s growth strategy is infrastructure development. From this year until 2028, we aim to keep infrastructure spending above 5 percent of [gross domestic product] annually,” Secretary Diokno said during AmCham’s General Membership Luncheon Meeting at the Dusit Thani Hotel Makati on March 17, 2023.
The Philippines currently has PHP9 trillion worth of high-impact IFPs aimed at improving physical and digital connectivity, water resources, health, power, and agriculture infrastructure.
“We expect to see a surge of quality and resilient jobs over the next few years as a result of these high-impact projects,” said Secretary Diokno.
To support the country’s spending needs, Secretary Diokno shared that the government is committed to pursue the path of fiscal consolidation through the Medium-Term Fiscal Framework (MTFF).
Public-Private Partnerships (PPPs) will also play a significant role in helping the country maintain massive spending without straining fiscal space.
The government is also hoping to secure future generations through the Maharlika Investment Fund (MIF), which will be a vehicle for strategic and profitable investments in key sectors.
“The Fund has the potential to play a key role in accelerating the implementation of the close to 200 infrastructure flagship projects recently approved by the NEDA Board,” Secretary Diokno said.
AmCham is a private, independent, non-profit association founded in Manila in 1902 that allows Philippine and American businesses to engage in discussions, promote their long-term objectives, and contribute to the civic and economic development of the Philippines.
It maintains close cooperation with chambers of commerce around the world, including the Philippine Chamber of Commerce & Industry (PCCI) and has established chapters in North Luzon, Visayas and Mindanao.