Infrastructure push to generate P31 trillion – NEDA
MANILA, Philippines – The National Economic and Development Authority (NEDA) projected that the government's planned P10.6-trillion investment in infrastructure will return threefold to P31 trillion.
NEDA Assistant Secretary Jonathan Uy told reporters on Wednesday, June 27, that some 1.1 million jobs will also be generated every year by the Build, Build, Build program.
"That is the multiplier effect. If you will notice, contractors will also subcontract and there are also peripheral industries in construction sites," Uy said.
The NEDA Board has already approved 35 infrastructure projects worth P1.2 trillion, while 33 more amounting to P628 billion are still awaiting approval. Seven other projects are in the pipeline, but are not subject to NEDA Board approval. (READ: Philippines 'extra careful' with China loans – NEDA)
As of May, 7 projects are being constructed, 23 are under the procurement process, while 13 are still in the budgeting stage. (READ: Infra projects to help PH achieve 7% growth in 2018 – DOF)
Among the most expensive projects are the Metro Manila Subway Project-Phase 1 (P354.9 billion), Malolos-Clark Airport-Clark Green City Railway (P211.4 billion), Philippine National Railways (PNR) Manila-Bicol Line (P175.3 billion), and the PNR Tutuban-Los Baños Line (P124.1 billion). – Rappler.com