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Manila Bulletin devider Business devider Philippines prioritizes infrastructure for sustainable growth—NEDA

Philippines prioritizes infrastructure for sustainable growth—NEDA

Published Sep 20, 2024 01:33 am

The government is intensifying its commitment to sustainable growth and climate resilience through investments in infrastructure and innovation, the National Economic and Development Authority (NEDA) said.

At the Fourth Philippines-Singapore Business and Investment Summit, NEDA Secretary Arsenio M. Balisacan underscored the vital role of infrastructure in the Philippines' development strategy, particularly in light of the country’s vulnerability to climate change.

“The Philippines is one of the countries most vulnerable to the impact of climate change and compounding disasters, ranking first among 193 countries based on the 2023 World Risk Report,” Balisacan said, stressing the need for robust sustainable infrastructure investments to bolster economic resilience and generate quality jobs.

Balisacan presented the Philippine Development Plan (PDP) 2023-2028, which outlines strategic priorities for fostering climate-resilient ecosystems.

Currently, 164 Public-Private Partnership projects worth approximately P3.2 trillion are in progress across various sectors, including healthcare, energy, and waste management.

Additionally, of the 186 Infrastructure Flagship Projects, 29 focus on improving irrigation and water resources, while nine target the agriculture sector.

Balisacan highlighted the importance of human and social development, advocating for livable communities that can adapt to environmental challenges.

He emphasized collaboration with the private sector in transitioning to a low-carbon economy, tailored to the needs of the Filipino populace.

Innovation also emerged as a key theme in Balisacan's address. The National Innovation Agenda and Strategy Document (NIASD) for 2023-2032 aims to cultivate a robust innovation ecosystem, addressing the country's various development challenges.

On the legislative front, the government is pursuing reforms such as the Rationalization of the Mining Fiscal Regime and amendments to the Electric Power Industry Reform Act, alongside plans to establish a Department of Water Resources to enhance water management.

The PDP 2023-2028 serves as a comprehensive roadmap for the Marcos Administration, striving for a prosperous, resilient society by 2040, where poverty is eradicated and opportunities abound for all Filipinos.

The PSBIS, which celebrated the 55th anniversary of Philippine-Singapore relations, also marked the signing of memoranda of understanding to establish the Philippines’ first Innovation Hub in Singapore, further reinforcing bilateral cooperation in developing sustainable and innovative urban solutions.

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National Economic Development Authority (NEDA) NEDA SECRETARY Arsenio M. Balisacan
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