We often hear from every new administration about huge infrastructure projects that it will pursue to speed up the development of the Philippine economy and ultimately reduce poverty. Know more:
WE often hear from every new administration about huge infrastructure projects that it will pursue to speed up the development of the Philippine economy and ultimately reduce poverty. Yes, we know that the benefits of infrastructure projects on the economy are enormous in terms of creating jobs and new business opportunities.
The added employment and decelerating inflation combined during the initial phases of the construction period are expected to fuel consumer spending more. The new ranks of consumers will shop in the malls, travel and boost the countryside, and dine in fast-food restaurants, a development that speeds up the economic cycle. The completion of the infrastructure projects—airports, railways, toll roads, seaports and bridges—will naturally provide long-term benefits to the economy.
President Ferdinand Marcos Jr. spent a lot of time abroad to convince foreign governments and their businessmen to invest here and participate in the country’s infrastructure program. Transportation Secretary Jaime Bautista made a follow-up plea with European investors last week when he met with top officials of the European Union-Association of South East Asian Nations Council and the European Chamber of Commerce of the Philippines .
President Marcos, through the Department of Transportation, has dangled other infrastructure projects in the transport sector, such as railways, maritime and road, including the Metro Manila Subway, North-South Commuter Railway, LRT-1 Cavite Extension Project, MRT-7 and MRT-4.
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