Balisacan prods US businesses to invest in Philippine infra projects

Balisacan prods US businesses to invest in Philippine infra projects

Apr 13, 2023, 7:31 AM
Rose De La Cruz

Rose De La Cruz


At the economic briefings held by the Marcos administration's economic team in the US, Socioeconomic Planning Secretary Arsenio Balisacan urged the American businesses to invest in the Philippines Infrastructure Flagship Projects (IFPs)  aimed at fortifying the country’s economic transformation.

The economic team is currently attending the Spring Meeting of the World Bank-International Monetary Fund which ends on Sunday.

Balisacan underscored several factors which made the Philippines a more attractive investment destination such as the rapid and sustained economic growth, the country’s young, vibrant, and growing working-age population, and recent structural and regulatory reforms aimed at improving the business climate for international investors.

“The Marcos administration has aggressively pursued several initiatives aimed at encouraging greater local and foreign investment and private-sector participation in infrastructure development,” said the country’s chief economist.

Balisacan drummed up the important role of the private sector in realizing game-changing infrastructure projects in the country, given the limited resources available.

“Despite the tight fiscal space resulting from the financing of our needs during the COVID-19 pandemic, the Marcos administration has made it a top priority to utilize Public-Private Partnerships or PPPs to support and complement its infrastructure drive. Pursuing PPPs will enable the government to leverage the private sector’s substantial technological and managerial expertise, as well as its financial resources,” he said.

Balisacan also highlighted the significant scope for commercial participation and expansion of foreign companies.

“Given the country’s numerous development and infrastructure needs, there are vast opportunities in sectors such as energy, water, logistics, transportation, agribusiness, manufacturing, tourism, health, education, and digital connectivity,” he explained.

Balisacan also assured investors of the country’s commitment to infrastructure development by discussing the 194 IFPs recently approved by the President, which are worth a total of approximately USD165 billion.

“IFPs shall be prioritized in the government’s annual budget preparation and shall enjoy the benefits of expedited approval processes consistent with current legal frameworks. Notably, the majority of these infrastructure flagship projects focus on physical connectivity and water resources. We are committed to creating a more competitive investment environment,” he said.

During the economic briefing, Department of Finance Secretary Benjamin E. Diokno gave the keynote message, while Department of Budget and Management Secretary Amenah F. Pangandaman and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla delivered presentations on the country’s budget priorities and inflation situation, respectively.

Tags: #Balisacan, #economicteam, #USbriefings

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