Majority of the government’s 75 flagship infrastructure projects is now in the construction or pre-construction stage, the Finance department claimed.
The department, in a statement, said the list of “Build Build Build” projects that have moved forward included:
• the P23-billion Metro Manila Flood Management Project, which is being co-funded by the Asian Infrastructure Investment Bank and the World Bank;
• the P151-billion Philippine National Railways South Long Haul Line to be financed by official development assistance (ODA) from China;
• the P355.6-billion Mega Manila Subway that will be funded by Japanese ODA; and
• the P19.8-billion Davao City Bypass Road.
Finance Secretary Carlos Dominguez 3rd said the government’s infrastructure modernization plans were falling into place with the rollout plus early progress on a multi-year tax reform package and ODA negotiations.
About 70 percent of estimated revenues from the just-implemented Tax Reform for Acceleration and Inclusion (Train) law has been earmarked for infrastructure, with the rest to be used social services.
“The money is coming in from our taxes, the loans are coming in…. [and]the implementing agencies are getting their act together. It’s coming together,” Dominguez has said.