ZURICH, Switzerland — President Ferdinand "Bongbong" Marcos Jr. said his government had placed infrastructure development as the "pinnacle" of its vision for an equitable, prosperous and resilient Philippines by 2040 while recognizing the private sector's critical role in realizing its goals.
Marcos said this in his opening remarks before the World Economic Forum (WEF) High-Level Dialogue-Investing in Infrastructure for Resilience in Davos on Wednesday.
In his speech, the President said that, with the expected Philippine economy growth rate of at least seven percent for 2022, his government has been making connectivity a priority in multiple realms such as land, sea, air, digital, as well as meta.
The Philippines’ expected seven-percent growth, the highest in Southeast Asia and one of the highest in the Asia-Pacific region, was supported by strong macroeconomic fundamentals and prudent fiscal policies.
Marcos told dialogue participants that the Philippines recognizes the importance of mitigating the impact of climate change on economic growth and resilience, compelling the nation to prioritize designing and building climate-resilient infrastructure, programs, and projects.
“We have allocated nine percent of our national budget toward initiatives to support conservation, climate change adaptation, and disaster risk reduction," he said.
"I have committed to work to increase this figure to an average of 15 percent annually,” he added.
Recognizing the role of the private sector partners, the President said the recent amendments to the Build-Operate-Transfer (BOT) Law address concerns regarding the financial viability and bankability of public-private partnerships as well as issues on potential delays.
He added that the administration aims to raise the confidence of investors, especially those that will benefit the social sectors of health, education, and agriculture.
“For this reason, we have taken a proactive approach. We have created a Private Sector Advisory Council," Marcos said.
"We have formulated many strategies so that we can position the Philippines properly for the development and evolution of the new global economy,” he added.
President Marcos also mentioned in his remarks the disruptions and breakdowns that had catastrophic implications for global business and how the Philippines addressed those challenges.
According to the President, the administration responded through its ability to "keep the wheels of the economy going" amid severe disruption and its ability to bounce back from adversity.