NextGen Day

Because of the government’s “Build, Better, More” development initiative, infrastructure spending is anticipated to exceed the government’s target this year.

According to Michael Ricafort, chief economist of the Rizal Commercial Banking Corporation, infrastructure spending this year would probably increase by 10 to 20 percent.

“Infrastructure spending has been increasing by at least 20% year-over-year in recent months, which could signal meeting or even exceeding the target for 2023 and could be encouraging for greater economic growth and development as these infrastructure projects also create new frontier areas in terms of more residential, commercial, industrial, tourism, and township areas along the path of or near these major infrastructure areas, especially in the co.

The administration had previously promised to maintain yearly infrastructure investment at 5 to 6 percent of GDP.

To maintain this year’s public infrastructure momentum, the administration has included PHP1.3 trillion in the national budget for 2023.

According to the Department of Budget and Management, this includes PHP478.7 billion for roads, PHP283.2 billion for flood control infrastructure, PHP164.1 billion for local infrastructure development, PHP48.1 billion for buildings, and PHP40.1 billion for railroads. Ricafort says the government’s infrastructure initiative will promote speedier economic expansion.

He said the administration committed to continuing the previous administration’s infrastructure projects and even adding more infrastructure projects, which have been a significant catalyst for the Philippine economy in recent years. “The government’s infrastructure spending has been at least 5 percent to 6 percent of GDP in recent years, much higher vs. below 2 percent around 10 to 20 years ago and moving closer to other ASEAN countries,” he said.

Better infrastructure facilities, according to Ricafort, will help the Philippines better catch up with much higher tourism numbers in other Asian nations, help increase the flow of exports and imports, help increase the flow of domestic trade transactions, allow for better worker mobility that will increase productivity, and support the arrival and movement of both foreign and domestic tourists around the country.

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