DAVAO CITY—Five multibillion- peso projects funded under the Duterte administration’s ambitious “Build, Build, Build” program would be implemented in Mindanao in its bid to widen the inclusion of the poor to the ongoing projects and to directly open opportunities after the projects are completed.
Finance Secretary Carlos G. Dominguez III told the Philippine Economic Briefing here the megabuild projects in Mindanao are the P5.4-billion Malitubog-Maridagao (Mal-Mar) Irrigation Project Phase 2 in North Cotabato and Maguindanao, the P4.86-billion Panguil Bay bridge project that would connect Tangub City in Misamis Occidental and Tubod in Lanao del Norte; expansion and improvement projects in the Davao International Airport worth P40.57 billion and Laguindingan Airport costing P14.6 billion; and the 102-kilometer Mindanao Railway Project Phase 1, Segment 1 worth P35.26 billion that would connect the cities of Davao, Tagum and Digos.
The Mal-Mar project was started in the 1990s, but it remained unfinished due to periodic attacks on construction workers and destruction of construction materials by fighters of the Moro National Liberation and later by the Moro Islamic Liberation Front.
The irrigation project would irrigate almost 10,000 hectares of land in 56 conflict-affected areas, Dominguez said.
The Paguil Bay bridge was estimated to be finished by 2021, while the two airport projects are eyed for completion by 2025.
Dominguez said the projects for Mindanao were meant “to bring isolated communities to the mainstream markets and urban centers.”
“These projects demonstrate this administration’s commitment to move Mindanao from the margins to make it a center for agriculture and industry,” he told reporters in a news briefing shortly before the Philippine Economic Briefing.
Of the funding requirement, Dominguez cited the role of the Asian Development Bank (ADB) of having “been generously assisting us in funding important infrastructure projects that would spur economic development in this island.”
“In fact, we just recently signed in January this year the $380-million loan from the ADB that will help improve 280 kilometers of national roads and bridges in the Zamboanga Peninsula and Tawi-Tawi,” he added.
“This project aims to expand economic opportunities in areas, such as agribusiness, ecotourism and logistics, as well as improve access to markets, jobs, education, and health facilities,” he added.
Another infrastructure project in the pipeline to be funded by the ADB “is the $70-million Davao Public Transport Modernization Project designed to improve public transport infrastructure and services in Davao City.”
Ivan C. Cortez, city planning officer, told the BusinessMirror earlier the feasibility study of the bus- transport system was being finalized in terms of which items needed specific funding and would be submitted next month to the regional National Economic Development Authority for evaluation.
He said local drivers organizations have not posted any resistance to the replacement of the jeepneys as they await the details of the city’s plan to absorb the 7,000 drivers and operators into the new transport system.
Woochung Um, ADB board secretary, said the performance of the Philippines’s attempt to achieve wider inclusion of the poor to the benefits of the improving economy would be dangled by the ADB as an inspiration to other Asian economies it is helping.
He added the ADB would be closely monitoring and assisting in the administration’s bid for wider financial inclusion, as Dominguez said the priority on this aspect would place the Philippines “in a better position to host” the annual meeting of the ADB.
The last time the country hosted it was in May 2012, Um said. He added wider financial inclusion would be the main focus of the annual ADB meeting hosted by the Philippines.
Dominguez is chairman of the ADB Board of Governors this year, as he also reiterated that “Mindanao would be among the primary beneficiaries of this shared goal of inclusive growth”
Um said a successful and inspiring performance of the Philippines would mean “more countries to get interested to invest in your country.”
“We know we are going to see great progress, in Mindanao in particular, with the help of ADB,” Dominguez said.
He added “it is only fitting that discussions in this year’s annual meeting of the Bank, which will revolve on the theme “Linking People and Economies for Inclusive Development,” will be held here in the Philippines.”
“The Philippines is suitably positioned to lead these discussions on greater economic inclusion. The country has posted one of the highest growth rates in the region,” Dominguez said. “Because of the reforms we have put in place, the investment community in a recent survey identified the country as the best place to invest in. We are proud of that achievement.”
The Department of Finance said Dominguez was referring to the global survey naming the Philippines as the world’s “best country to invest in.” The survey, conducted by the US News and World Report, in partnership with the Wharton School of Business and Y&R’s BAV Group, covered 6,000 business decision-makers and used statistics from the World Bank.
Over 3,000 delegates are expected to attend the meeting in Manila for the 51st ADB Annual Meeting scheduled from May 3 to 6 this year.
They include the finance ministers and central bank governors of the ADB member-countries, bankers, representatives from the private sector, civil society, academe, multilateral institutions and the media.
Among the issues to be discussed during the 51st meeting are globalization, jobs in Asia, financial technology, private-sector mobilization in terms of funding infrastructure, building resilience to climate change, expanding opportunities for women entrepreneurs and tapping technology to maximize the skills of aging populations and utilizing it as an effective tool to make development inclusive.
Dominguez said the institution will focus on how to “make progress more evenly felt throughout the entire membership of the ADB.”
Influential thinkers in the fields of international economics, history and digital technology are also set to speak on global economic trends that will shape the world’s future during a forum to be hosted by the Philippines on May 4, as part of the series of events leading up to the 51st annual meeting of he ADB.