Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman identified physical and social infrastructure as part of the country’s priority expenditures during the Philippine Business Opportunities Forum (PBOF) held today in Tokyo, Japan.
In the first panel discussion on the Philippines’ economic performance and outlook, Secretary Pangandaman said that this is aligned with the medium-term target of maintaining infrastructure spending at 5 to 6 percent of GDP annually.
“Aside from physical infrastructure, this shall also prioritize development in social and digital infrastructures like classrooms and farm-to-market roads to improve agricultural productivity,” the Budget Chief said.
Under the FY 2023 National Budget, the Build, Better, More Program is allocated Php 1.3 trillion, equivalent to 5.5 percent of GDP. Bulk of which will go to physical infrastructure, covering the construction and maintenance of Road Networks (Php 478.7 billion) and railways (Php 40.1 billion), among others. Social infrastructure will also be prioritized with some Php 29.2 billion for school buildings and Php 14.4 billion for hospitals and health centers.
Meanwhile, Finance Secretary Benjamin E. Diokno shared key reforms that enable a more business-friendly environment. This, he added, will result in more foreign investments, public-private partnerships, and tax incentives for corporations, among others.
Also joining the first panel are BSP Governor Felipe Medalla, NEDA Secretary Arsenio Balisacan, Department of Energy Undersecretary Felix William Fuentebella, and Nomura Chief Economist for Southeast Asia Euben Paracuelles.
Forming the second panel discussion on infrastructure and industry were Trade Secretary Alfredo Pascual, Public Works and Highways Secretary Manuel Bonoan, Tourism Secretary Maria Christina Frasco, and Transportation Secretary Jaime Bautista. The discussions were moderated by DBM Undersecretary Margaux Salcedo and BSP Managing Director Antonio Lambino II.
After the panel discussions, President Ferdinand R. Marcos Jr. delivered his keynote message, encouraging Japanese investors to continue being top traders and partners of the Philippines.
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