P8 Trillion on Government Infrastructure Projects?
Government Infrastructure Projects – Finance Secretary Carlos G. Dominguez III said that the government might be spending about P8 trillion in the planned infrastructure projects by President Rodrigo Duterte.
In a report by Inquirer, it has been said that the new administration eyes to join the Asian Infrastructure Investment Bank (AIIB) as the President is set to visit Beijing this week.
This is in connection of the huge “public works gap” that has hindered the economy of the Philippines as the report has said.
Dominguez said that the multilateral lending agency which China has started requires the approval of the Senate which will then allow the financial potential for the infrastructure projects hoped by President Duterte to be built.
The AIIB is an international financing agency launched by China back in 2014, wherein its headquarters can be found in Beijing.
Dominguez has stated that there are really lots of infra-projects eyed by the present administration to be done for the next six years.
“We have a lot of projects. In the six years [Mr. Duterte] will be in office, we think we will be spending around P8 trillion for infrastructure,” Dominguez said as quoted in the report.
The AIIB was founded by 57 member nations including the Philippines.
The Philippines already became a member of the AIIB last December 24, 2015, but, the country’s formal participation of in the AIIB must first be approved by the Senate.
Dominguez said that he is already trying to address the concern to the Senate, and is hoping that Senators would tackle and approve the partnership this week.
“That’s why I am trying to get the AIIB through the Senate already… “I was speaking with Senator [Alan Peter] Cayetano and he says he hopes he can do it. The documents are already with them since, I think, [Wednesday] afternoon. That for me [already] signals [an] achievement,” said Dominguez as quoted in the report.
Among the projects being planned to be made are new airports as well as a new rail project.