The Philippine government has emphasized the significant role of the private sector as crucial partners in financing Infrastructure Flagship Projects (IFPs) and the Marcos Administration’s overall infrastructure drive aimed at achieving deep economic transformation.
During the Philippine Economic Briefing held in Washington, D.C. on April 12, 2023, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan urged American businesses to invest in infrastructure projects in the Philippines.
He underscored several factors which made the Philippines a more attractive investment destination, including, among others, rapid and sustained economic growth, the country’s young, vibrant, and growing working-age population, and recent structural and regulatory reforms aimed at improving the business climate for international investors.
“The Marcos Administration has aggressively pursued several initiatives aimed at encouraging greater local and foreign investment and private-sector participation in infrastructure development,” Secretary Balisacan said.
Balisacan recognizes the private sector as a vital partner in realizing game-changing infrastructure projects in the country, given the limited resources available.
“Despite the tight fiscal space resulting from the financing of our needs during the COVID-19 pandemic, the Marcos Administration has made it a top priority to utilize Public-Private Partnerships or PPPs to support and complement its infrastructure drive. Pursuing PPPs will enable the government to leverage the private sector’s substantial technological and managerial expertise, as well as its financial resources,” he explained.
Balisacan also highlighted the significant scope for commercial participation and expansion of foreign companies.
“Given the country’s numerous development and infrastructure needs, there are vast opportunities in sectors such as energy, water, logistics, transportation, agribusiness, manufacturing, tourism, health, education, and digital connectivity,” he added.
Balisacan also assured investors of the country’s commitment to infrastructure development by discussing the 194 IFPs recently approved by the President, which are worth a total of approximately USD165 billion.
He stressed, “IFPs shall be prioritized in the government’s annual budget preparation and shall enjoy the benefits of expedited approval processes consistent with current legal frameworks. Notably, the majority of these infrastructure flagship projects focus on physical connectivity and water resources. We are committed to creating a more competitive investment environment.”
During the economic briefing, Department of Finance Secretary Benjamin E. Diokno gave the keynote message, while Department of Budget and Management Secretary Amenah F. Pangandaman and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla delivered presentations on the country’s budget priorities and inflation situation, respectively.
