The Marcos administration eyes to keep spending 5 percent of Philippine output for infrastructure every year until 2028, according to Finance Secretary Benjamin Diokno.
At the country’s gross domestic product of P22.02 trillion as of end-December, this translates to an estimated P1.1 trillion every year.
“Central to the Marcos Jr. administration’s growth strategy is infrastructure development.
From this year until 2028, we aim to keep infrastructure spending above 5 percent of [gross domestic product] annually,” said Diokno, speaking before members of the American Chamber of Commerce of the Philippines late last week.
Diokno added the Philippines currently has P9 trillion worth of high-impact projects under the Infrastructure Flagship Projects aimed at improving physical and digital connectivity, water resources, health, power and agriculture infrastructure.
“We expect to see a surge of quality and resilient jobs over the next few years as a result of these high-impact projects,” he said.
To support the country’s spending needs, Diokno noted the government’s commitment to pursue the path of fiscal consolidation through the Medium-Term Fiscal Framework.
Public-Private Partnerships will also play a significant role in helping the country maintain massive spending without straining fiscal space, he said.
“The government is also hoping to secure future generations through the Maharlika Investment Fund, which will be a vehicle for strategic and profitable investments in key sectors,” Diokno added.
The fund, he said, has the potential to play a key role in accelerating the implementation of the close to 200 infrastructure flagship projects recently approved by the National Economic and Development Authority Board.
