The National Economic and Development Authority (NEDA) is confident of the country’s position as a viable and strong option for the investment community as it continues to be on track with its economic agenda for infrastructure development.
On the last day of Nomura’s ASEAN 2023 Conference – which featured the different investment opportunities found within Southeast Asian economies amid the current, challenging global growth backdrop – NEDA Secretary Arsenio M. Balisacan kick-started the session with a comprehensive presentation of the Philippines’ plans for transforming the economy and achieving rapid and sustained economic growth through strategic programs, including infrastructure development.Â
“Private investors can be assured 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,” Secretary Balisacan said.
Among the most notable points in the Secretary’s presentation was the Philippine government’s target to sustain annual spending for infrastructure at 5 to 6 percent of the country’s gross domestic product (GDP) throughout the medium term.
“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 explained.
The Marcos administration has repeatedly stated its firm and strong commitment to prioritize the utilization of public-private partnerships (PPPs) in supporting and complementing its infrastructure drive in view of the country’s limited fiscal space.
“Pursuing PPPs will allow the government to harness the private sector’s financial and technological resources, ability to respond to market risks and opportunities in an agile manner, and capacity to manage large-scale projects,” Balisacan added.
Through the attraction of investments in growth drivers and priority sectors, the government aims to achieve its ultimate, overarching goal of transforming the Philippine economic landscape, as stated in the Philippine Development Plan 2023 to 2028.
