FINANCE Secretary Carlos G. Dominguez III has urged the China-led Asian Infrastructure Investment Bank (AIIB) to finance the rollout of other big-ticket infrastructure projects under the Duterte administration’s “Build, Build, Build” (BBB) program.
During the Asian Infrastructure Forum (AIF) seminar held on June 26 at the Experimental Theatre of the National Centre for the Performing Arts in Mumbai, the Department of Finance (DOF) chief also underscored the urgency of developing the physical and digital infrastructure of the Philippines and other emerging economies in Asia. “A dynamic regional common market will provide our economies a strong base to build competitive industries and profitably trade with the rest of the world. An emergent Southeast Asia will complement the mature economies of East Asia and the rapidly growing Indian subcontinent,” Dominguez said.
In the Philippines, the DOF chief said the massive infrastructure buildup has been made possible by the expanded support of multilateral financing institutions such as the AIIB.
The AIIB has so far committed to cofinance with the World Bank the first phase of the Metro Manila Flood Management Project, meant to improve flood forecasting, reduce long-term flooding and modernize pumping stations and build new ones in the National Capital Region and its surrounding areas.
“We are hopeful that with the approval of the funding for this project, the AIIB would find it feasible to invest in other big-ticket infrastructure projects under the Duterte administration’s BBB program,” Dominguez said.
Among the projects the Philippines has pitched to the AIIB for possible financing support are the Metro Manila Bus Rapid Transit System (Phase 3) spanning from Bonifacio Global City to Ninoy Aquino International Airport; the Pasacao-Balatan Tourism Coastal Highway in Camarines Sur; and the Camarines Sur Expressway Project (San Fernando-Pili Section).
The AIF gathered policy-makers and experts involved in infrastructure development in practical and project-driven discussions that focus on matching innovative financing programs to critical infrastructure needs.
According to Dominguez, the initiative to improve infrastructure across the region, which is the AIIB’s primary goal, “will help stimulate economic activity in all our economies and help us build inclusive growth for our people in the immediate term, and improve the interconnectivity of the region’s economies and foster productive exchange over the longer term.”