The Department of Finance (DOF) said the rollout of infrastructure projects under President Duterte is proceeding as planned following the passage of the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
Helping make this possible were the proceeds from so-called official development assistance (ODA) loans from countries offering the Philippines below-market credit assistance.
According to Finance Secretary Carlos G. Dominguez III, the rollout of big-ticket infrastructure projects are proceeding as planned following the signing into law of the TRAIN Act and the successful prosecution of ODAs, both of which help bankroll ventures under the “Build, Build, Build” (BBB) program.
DOF Undersecretary and Chief Economist Gil S. Beltran said that, with the TRAIN in place, the government’s BBB agenda “will go into high gear” this year, with majority of the 75 flagship projects worth a combined P1.8 trillion already in the construction or preconstruction phases.
“It’s just that the BBB policy will go on a high gear [this year]. There are already 60 projects under construction under the BBB. The project cost of the 60 projects is P1.8 trillion, funded mostly by ODAs. The 60 projects are already under construction or under preconstruction,” Beltran told financial reporters.
Among the 60 projects already in construction and preconstruction phases include the P23-billion Metro Manila Flood Management Project cofunded by the Asian Infrastructure Investment Bank and the World Bank; the P151-billion Philippine National Railways South Long Haul Line to be financed by ODA from China; and the P355.6-billion Mega Manila Subway funded by ODA from Japan.
Dominguez said the P19.8 billion Davao City Bypass Road, another flagship project, is also under the implementation phase.
“You know it’s coming together. Believe it or not, even I am surprised. The money is coming in from our tax. The loans are coming in as we signed yesterday. The implementing agencies are getting their act together,” he added.
1 comment
good luck for president duterte if he will be still a president of the country due to train laws higher prices and we filipino should seek a transparency about this project.