Mindanao remains a priority under BBB, says Dominguez

MANILA, Philippines — Mindanao remains a priority under the government’s massive infrastructure program, Finance Secretary Carlos Dominguez said.

In a speech during the 29th Mindanao Business Conference and Sulong Pilipinas- Mindanao forum, Dominguez assured the business community that the region is still “at the front and center of the government’s Build Build Build program.”

He said that even while the country is battling the coronavirus pandemic, the DOF was able to finalize financing agreements for Mindanao-based projects.

Among these projects is the second phase of the Davao City Bypass Construction project, which will be funded through an P18.5-billion loan from Japan.

The project involves the construction of a 45.5-kilometer four-lane bypass road from Barangay Sirawan in Toril, Davao City to Barangay J.P. Laurel in Panabo City.

The DOF also signed financing agreements to assist the government in its peace-building and development efforts in Mindanao, including three grants from the European Union amounting to $97 million.

These grants are for the Mindanao Peace and Development Program-Rise Mindanao (MINPAD-Rise Mindanao), MINPAD- Peace and Development in the BARMM and Support to Bangsamoro Transition Program (SUBATRA).

“Together with the hundreds of road, railway, port, and irrigation projects all over Mindanao, these investments will support job creation, strengthen inclusive and sustainable growth, and promote lasting peace in the region,” Dominguez said.

“These projects also demonstrate the Duterte administration’s commitment to move Mindanao from the margins and transform it into the center of agriculture and industry.”

He said the government aims to sustain the BBB program to help the economy recover from the coronavirus pandemic, given the multiplier effects of infrastructure projects.

“Our strategy for recovery rests on sustaining the Build Build Build program. Investing in sound infrastructure has the largest effect on the economy. Its multiplier effects create jobs, fires up consumption and spurs productive activity,” he said.

Economic managers are also pushing for the passage of reforms, including the Corporate Recovery and Tax Incentives Act (CREATE), the Financial Institutions’ Strategic Transfer (FIST) bill, and the Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill.

Dominguez said the economy is showing signs of recovery, particularly in terms of employment, manufacturing and revenue collection.

However, the finance chief maintained that rebuilding the economy “is a condition for ensuring public health.”

“We cannot fight a pandemic with a weak economy, nor can we restore economic vigor without solving the public health crisis. The health of our people and the strength of our economy are mutually reinforcing,” he said.