On December 15, 2017, representatives of the Qatar Investment Authority (QIA) met with Philippine government officials and private sector counterparts at the Fairmont Hotel in Makati City to discuss investment opportunities and the socio-economic agenda of the Duterte Administration.
The Qatari delegation was headed by Sheikh Abdulaziz Ali Al Thani, Head of Business Development at the QIA, and Mr. Faisal Abbas Chaudry, a Chartered Financial Analyst (CFA) of the QIA. Meanwhile, the Philippine government representatives were headlined by Department of Budget and Management (DBM) Secretary Benjamin E. Diokno, Philippine Ambassador to Qatar H.E. Alan Timbayan, and Bases Conversion and Development Authority (BCDA) President and CEO Mr. Vivencio Dizon. Officials of the Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Department of Trade and Industry (DTI), Al Amanah Islamic Bank, Department of Transportation (DOTr), Public-Private Partnership (PPP) Center, and the Mindanao Development Authority (MinDA) were also present to give their respective investment pitches.
Budget Secretary Diokno highlighted the ambitious infrastructure program of the Duterte Administration fondly called “Build Build Build”. He outlined the financing program of the government to usher in the “Golden Age of Infrastructure in the Philippines”. “[I]nfrastructure spending has constantly fallen below the suggested threshold of 5% of GDP for infrastructure spending for developing countries,” he said. “In fact, government estimates show that it only averaged 2.6% over the past 50 years,” the Budget Chief added. “In contrast, the Duterte Administration aims to target at least 5% of GDP for infrastructure spending rising up to more than 7% of GDP.”
Furthermore, Sec. Diokno mentioned that P8 to P9 trillion (or $160 to $180 billion) will be spent on public infrastructure under the term of President Duterte. “Clearly, we walk the talk and put our money where our mouths are,” Sec. Diokno said
Besides his presentation on infrastructure financing, the DBM Secretary also participated in the Q&A and panel discussion moderated by Vice Consul Benjamin Celedio of the Philippine Embassy to Doha, Qatar. He was joined by representatives of the DOTr, BCDA, PPP Center, and MinDA in the panel discussion.
For more information on the Department of Budget and Management, visit: www.dbm.gov.ph and follow @DBMgovph on Facebook and Twitter.
