The big-ticket infrastructure projects currently rolled out by the government will create an additional 1.6 million jobs this year, President Duterte’s infrastructure managers said.
Public Works Secretary Mark Villar told the Asia Infrastructure Forum 2021 the government’s “Build, Build, Build” program had so far created 6.5 million jobs as public infrastructure spending was doubled to 5 percent of gross domestic product.
Villar said the implementation of “Build, Build, Build,” especially the 112 flagship projects, would be “critical” in the economy’s recovery from the pandemic-induced recession.
With threats from the deadly COVID-19 virus still lingering, Villar said ongoing projects adhered to health and safety protocols like wearing personal protective equipment, social distancing, testing and medical support, plus daily monitoring of construction workers.
As the pandemic also put pressure on the government’s limited financial resources which were being reprioritized to COVID-19 response, Villar said some infrastructure projects deemed not among the government’s priorities had been set aside to keep fiscal prudence.
Foreign loans plus the deep pockets of the country’s tycoons will finance the majority of the 112 flagship projects worth P4.7 trillion under President Duterte’s ambitious infrastructure program.
The updated list of infrastructure flagship projects in the “Build, Build, Build” pipeline showed that 54 big-ticket projects amounting to P2.6 trillion would be financed by official development assistance (ODA). These included loans and grants extended by multilateral lenders such as the Asian Development Bank, the Asian Infrastructure Investment Bank and the World Bank, as well as bilateral development partners like China, Japan and South Korea.