Most of the flagship projects that the government intends to undertake are aimed at improving physical connectivity and the management of water resources, according to Finance Secretary Benjamin Diokno.
Diokno presented the government’s infrastructure plan on Monday in a forum organized by the Foreign Correspondents Association of the Philippines. The Infrastructure Flagship Project (IFP) list was recently approved by the National Economic and Development Authority (NEDA) Board.
“The list also includes projects on health, energy and agriculture infrastructure,” he added.
The list features 194 high-impact IFPs, 95 of which are already underway, according to the DOF.
Diokno cited the Philippines’s strong macroeconomic fundamentals, marked by its record-high full-year economic growth in 2022, low unemployment and on-target fiscal performance, as “a source of optimism” for the country’s medium to long-term outlook.
The secretary also mentioned that the Japan Credit Rating (JCR) Agency recently affirmed its “A-minus” credit rating with a stable outlook for the Philippines, which reflects the country’s high and sustained economic growth performance underpinned by solid domestic demand.
Persistently high inflation, however, remains to be a top concern. The DOF said it is working closely with relevant agencies to construct a short- to medium-term framework to mitigate inflation by improving every stage of the supply chain.
Meanwhile, Diokno said there is a need to create more quality and green jobs, which can be achieved through more investments in public infrastructure, human capital development, and digitalization that have high multiplier effects on the economy.
“Let us not lose sight of the end goal of all these investments, which is to reduce poverty and raise the standard of living for all Filipinos. This is the be-all and end-all of every plan, project, and effort,” he added.