Philippines Approves over USD 160 Billion Worth of Infrastructure Projects

April 2023

The National Economic and Development Authority (NEDA) announced that President Ferdinand R. Marcos Jr. has approved 194 high-impact infrastructure flagship projects (IFPs) worth PHP 9 trillion (USD 161.9 billion). Of the 194 projects, 123 projects were initiated during the Marcos administration while the remaining 71 projects were from the administration of former President Rodrigo R. Duterte.

The majority of these infrastructure flagship projects are in physical connectivity and water resources which include projects in irrigation, water supply and flood management. The list also includes projects in digital connectivity, health, power and energy, agriculture and other infrastructure. NEDA also stated that these projects will showcase the administration’s “Build Better More” infrastructure program, which is among the priorities under the 8-Point Socioeconomic Agenda.

According to NEDA, IFPs shall be prioritized under the government’s annual budget preparation and enjoy the benefits of expedited issuance of applicable permits and licenses consistent with current legal frameworks. The projects will adopt an optimal mix of financing from various development partners or official development assistance (ODA), the national government and general appropriations, and the private sector, particularly public-private partnerships.

(Source: Philippine News Agency)

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