The Philippine government has lined up 97 projects worth $31.42 billion, of which bulk, or 81, are critical infrastructure programs and projects, with a total cost of $28.05 billion.
Speaking at the Philippine Infrastructure Development Seminar yesterday, Economic Planning Secretary Arsenio M. Balisacan said of the total number of approved projects, 24 are funded through Public-Private Partnerships (PPP), 54 are financed through official development assistance, and 19 are for local financing.
“Infrastructure development is critical in the growth and competitiveness of the country and its major sectors,” Balisacan said.
Complementing these projects are physical framework plans covering major areas in the country, which include the Roadmap for Transport Infrastructure Development for Metro Manila and Its Surrounding Areas with assistance from the Japan International Cooperation Agency (JICA).
This serves as a guide in the development of policies, prioritization and design of transport programs and projects.
“We will complete the framework plans for Visayas and Mindanao in the next two years,” Balisacan pointed out.
Government’s target is to increase infrastructure spending from 3.4% of gross domestic product in 2014 to at least five percent next year.