Road to prosperity: Paved with good intentions
- 2 years ago
The Philippine economy ranks among the best performers in Asia in recent years. Still, the economy faces constraints from its outdated and insufficient infrastructure. According to some estimates, for example, it takes about five minutes to drive just one kilometer in Metro Manila.
To tackle the issue, the Philippines increased spending on roads, bridges, air and sea ports, and other large-scale projects in recent years. IMF reports that public infrastructure investment rose from an average of 3 percent of GDP during 2011–16 to over 5 percent in 2018, with the target of raising the ratio to over 6 percent by 2022. The government’s Build Build Build program includes large projects that address major bottlenecks, focusing on transportation, water resources, and energy.
When completed, these projects are expected to bring important benefits to the Philippine economy and to the lives of ordinary citizens. Better transportation and internet services, for example, would help farmers bring their produce, such as bananas and mangos, to markets and raise the income of the rural population. More generally, improvements in the quality of infrastructure services will help cut the cost of doing business, attract more investment, and enhance productivity around the country.
Predicated on the infrastructure push and the ongoing economic policy reform efforts, private investment is projected to increase over time, leading to higher economic growth. Moreover, students and the sick and elderly will benefit from the investments in education and health care. Upgrades in public information technology infrastructure, such as e-invoicing and digital national identification cards, would also promote efficiency and transparency, helping to reduce corruption.
Climate-resilient infrastructure, efficient irrigation systems, and better water management will help lessen the impact of weather-related natural disasters and boost agricultural production, and potentially lift many people out of poverty.
In The Manila Times (TMT) online business forum, titled “Road to prosperity: Paved with good intentions”, DPWH Undersecretary Emil Sadain shares the priorities under the BBM Administration; and Leonor Cleofas unveils her program as the first woman to be at the helm of the MWSS as a full-fledged Administrator.
To tackle the issue, the Philippines increased spending on roads, bridges, air and sea ports, and other large-scale projects in recent years. IMF reports that public infrastructure investment rose from an average of 3 percent of GDP during 2011–16 to over 5 percent in 2018, with the target of raising the ratio to over 6 percent by 2022. The government’s Build Build Build program includes large projects that address major bottlenecks, focusing on transportation, water resources, and energy.
When completed, these projects are expected to bring important benefits to the Philippine economy and to the lives of ordinary citizens. Better transportation and internet services, for example, would help farmers bring their produce, such as bananas and mangos, to markets and raise the income of the rural population. More generally, improvements in the quality of infrastructure services will help cut the cost of doing business, attract more investment, and enhance productivity around the country.
Predicated on the infrastructure push and the ongoing economic policy reform efforts, private investment is projected to increase over time, leading to higher economic growth. Moreover, students and the sick and elderly will benefit from the investments in education and health care. Upgrades in public information technology infrastructure, such as e-invoicing and digital national identification cards, would also promote efficiency and transparency, helping to reduce corruption.
Climate-resilient infrastructure, efficient irrigation systems, and better water management will help lessen the impact of weather-related natural disasters and boost agricultural production, and potentially lift many people out of poverty.
In The Manila Times (TMT) online business forum, titled “Road to prosperity: Paved with good intentions”, DPWH Undersecretary Emil Sadain shares the priorities under the BBM Administration; and Leonor Cleofas unveils her program as the first woman to be at the helm of the MWSS as a full-fledged Administrator.