NextGen Day

🚀🇵🇭 MANILA – The Philippine economy is set to receive a significant boost from the PHP8.3-trillion “Build Better More” Program, with President Ferdinand R. Marcos Jr. emphasizing that most of the 194 infrastructure projects are new and aimed at driving economic growth.

In his second State of the Nation Address (SONA) on Monday, the President highlighted that infrastructure investments will continue to account for approximately 5 to 6 percent of the gross domestic product (GDP), sustaining the growth trend from the previous administration.

These projects encompass various sectors, including physical connectivity, water resources, agriculture, health, digital connectivity, and energy, making up 83 percent of the total.

“The underlying logic behind our infrastructure development is economic recovery. We are creating multiple gateways to facilitate the movement of goods and services at a reduced cost and shorter time, ultimately propelling the economy forward,” Marcos stated.

Infrastructure investments are considered a solid economic foundation due to their long-term impact in supporting sustainable growth.

The current government has projected economic growth for this year to range between 6 to 7 percent.

In the first three months of the year, the GDP grew by 6.4 percent, surpassing expectations, which Marcos described as “a testament to our strong macroeconomic fundamentals.”

In 2022, the domestic economy grew by 7.6 percent, exceeding the government’s assumption of 6.5 to 7.5 percent and achieving the highest growth rate in 46 years.

“We continue to be recognized as one of the fastest-growing economies in the Asian region and the world,” Marcos proudly announced.

Marcos emphasized that the road projects included in the government’s infrastructure investments should connect not only the three major islands but also all prospective economic development sites.

Among these projects are the 1,200-kilometer Luzon Spine Expressway Network Program, which will link provinces from Ilocos to Bicol, reducing travel time from 20 hours to nine hours. The Mega-Bridge Program involves constructing 12 bridges, including the Bataan-Cavite Interlink Bridge, the Panay-Guimaras Negros Island Bridges, and the Samal Island-Davao City Connector Bridge.

As of last June, the government had constructed, maintained, and upgraded over 4,000 kilometers of roads and around 500 bridges nationwide.

Critical airport and port development projects have also been completed, such as the Pier 88 smart port in Liloan, Cebu, and Clark Airport’s new passenger terminal buildings and the Port of Calapan.

Railway projects included in the infrastructure investment have a total length of more than 1,000 kilometers, with the North-South Commuter Railway System expected to reduce travel time from Pampanga to Laguna from four hours to just two.

Marcos highlighted the importance of intermodal connectivity to access key economic markets, including agriculture hubs, tourism sites, and business districts.

These investments have contributed to improved tax collection figures. The Bureau of Internal Revenue (BIR) recorded record collections of PHP1.05 trillion in the first five months of this year, up by 10 percent compared to last year. The Bureau of Customs (BOC) also experienced a 7.4 percent year-on-year growth as of end-July this year, amounting to PHP476 billion.

Revenues of the Philippine Amusement and Gaming Corporation (PAGCOR) rose by 47.9 percent, and the Philippine Charity Sweepstakes Office (PCSO) saw a 20 percent increase since July 2022.

Funds from these agencies contribute to financing the government’s public investments.

“In strategic financing, some of the nation’s high-priority projects can now look to the newly established Maharlika Investment Fund without the added debt burden,” Marcos announced.

He explained that the Maharlika Fund, formed by pooling a small fraction of the considerable but underutilized government funds, will be used to make high-impact and profitable investments, including the Build Better More program. The gains from the Fund will be reinvested into the country’s economic well-being.

With these initiatives, the Philippines is on the path to sustainable and inclusive growth, paving the way for a brighter future. 🚀🇵🇭

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