MANILA -- President Ferdinand R. Marcos Jr. said Wednesday his government has placed infrastructure development under the “Build, Better, More” flagship program, as the pinnacle of its vision for an equitable, prosperous and resilient Philippines by 2040 while recognizing the private sector's critical role in realizing its goals.  

In his opening remarks before the High-Level Dialogue-Investing in Infrastructure for Resilience, President Marcos said with the expected Philippine economy growth rate of at least 7 percent for 2022, his government has been making connectivity a priority in multiple realms such as land, sea, air, digital, as well as meta.

The Philippines’ expected 7 percent growth, the highest in Southeast Asia and one of the highest in the Asia-Pacific region, was supported by strong macroeconomic fundamentals and prudent fiscal policies.  

The President told dialogue participants that the Philippines recognizes the importance of mitigating the impact of climate change on economic growth and resilience, compelling the nation to prioritize designing and building climate-resilient infrastructure, programs and projects.  

“We have allocated 9 percent of our national budget toward initiatives to support conservation, climate change adaptation and disaster risk reduction.  I have committed to work to increase this figure to an average of 15 percent annually,” Marcos said.

Recognizing the role of the private sector partners, Marcos said the recent amendments to the Build-Operate-Transfer (BOT) Law address concerns regarding the financial viability and bankability of public-private partnerships as well as issues on potential delays.

The administration, Marcos noted, aims to raise the confidence of investors, especially those that will benefit the social sectors of health, education and agriculture. 

“For this reason, we have taken a proactive approach. We have created a Private Sector Advisory Council, some members are with us and we have formulated many strategies so that we can position the Philippines properly for development and evolution of the new global economy,” the President pointed out.

The Philippine president also mentioned in his remarks the disruptions and breakdowns that had catastrophic implications for global business and how the Philippines addressed those challenges.

According to the President, his government responded by addressing the administration’s ability to keep the wheels of the economy going amid severe disruption, and its ability to bounce back from adversity. (PND)