The Build Better More Program was showcased by the Marcos Jr. Cabinet at the Philippine Business Opportunities Forum (PBOF) held in Tokyo, Japan on February 10, 2023, in an effort to invite more businesses to invest in the Philippines.
This is an ambitious program that targets infrastructure spending to reach 5 to 6 percent of GDP annually, in line with the Administration’s Medium-Term Fiscal Framework. The program shall help the country gain a high-growth trajectory of 6.5 to 8.0 percent of GDP in the medium-term.
Department of Trade and Industry (DTI) Secretary Alfredo Pascual, Department of Public Works and Highways (DPWH) Secretary Manuel Bonoan, and Department of Transportation (DOTr) Secretary Jaime Bautista joined the second panel discussion of the PBOF which focused on how their respective agencies catalyze growth in Philippine industries and infrastructure sectors.
Emphasizing a multi-sectoral approach to the country's infrastructure development specifically for the tourism sector, DOTr Secretary Bautista shared that there are already two planned airport developments in Greater Manila, as well as plans to modernize the Manila International Airport and transfer Dumaguete Airport to reduce congestion. Alongside these airport system developments, railway systems will also get an upgrade to reduce travel time of passengers and induce connectivity in different areas of the Metro. This will be supported with Php 3.09 billion for the aviation infrastructure program and Php 48.79 billion for the Rail Transport Program for 2023.
High standard highways and expressways across regions in the Philippines will also continue to be developed for logistics infrastructure and industry development. A total of Php 478.69 billion has been allocated for road networks under this year’s budget to help reduce transportation and logistics costs.
Recognizing the vulnerability of the Philippines to hazards that hinder efficient delivery of goods and services, the DPWH has also put in place flood control programs which will be supported with Php 283.23 billion for the construction and improvement of flood control systems. In addition, technical assistance and sharing of technology for disaster-proofing of infrastructure are provided by Japan to the Philippines through its Japan International Cooperation Agency.
On February 10, President Ferdinand R. Marcos Jr., together with his Cabinet Secretaries, led the signing of 35 Letters of Intent (LOIs) between the Philippines and Japan, covering partnership opportunities in the areas of manufacturing, infrastructure, transportation, healthcare, and renewable energy, among others.
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