P1.7 trillion infrastructure works eyed in Visayas

MANILA, Philippines — The government is targeting at least P1.7 trillion worth of infrastructure projects in Visayas over the course of the Marcos administration’s term.

During the recent Philippine Economic Briefing in Cebu, Finance Secretary Benjamin Diokno said the government is committed to provide resources for Visayas’ infrastructure development in a bid to boost economic growth in the region.

Based on the infrastructure flagship projects, 34 percent or 65 out of the 194 high-impact priority projects will be located in Visayas over the next six years. These projects have a combined investment of at least P1.7 trillion.

Some of these include the Cebu Public Transport Modernization Project, the Metro Cebu Expressway, the Panay-Guimaras-Negros Inter-Island Link Bridge, the Samar Pacific Coastal Road Project, and the New Dumaguete Airport Development Project.

This as the government intends to sustain the annual infrastructure spending at five to six percent of the economy.

Diokno emphasized that the Visayas island has vast economic potential in sustainable tourism, information technology and business process management (IT-BPM), and renewable energy.

“This part of the country is brimming with immense economic energy. The administration recognizes this and is fully prepared to support its growth and development in the next five years,” Diokno said.

The finance chief emphasized that with the construction and enhancement of the Mactan-Cebu International Airport, Visayas, particularly Cebu, has become a major player in the field of sustainable tourism. The city likewise has a thriving IT-BPM industry.

The Department of Energy, on the other hand, recognized Western Visayas’ capacity for renewable energy supply and projected it to be the RE capital of the country.

“Supporting the growth of our industries requires establishing a competitive business environment and promoting human capital development,” Diokno said.

As such, Diokno noted that the government will strengthen research and development, scale up technology adoption and commercialization, and promote an open and competitive market.