Gov’t targets 2018 OK for all major projects

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construction workers

THE CURRENT ADMINISTRATION hopes to get the green light for all its flagship infrastructure projects by yearend — as it approaches the midpoint of its six-year term in 2019, a chief economic manager said on Sunday.

“Of the 75 high-impact and big-ticket projects we have identified, 23 projects have completed the approval process and are now shovel-ready. We expect the rest of the projects to pass the approval process this year,” Finance Secretary Carlos G. Dominguez III — who is part of the National Economic and Development Authority Board that gives the final approval for major projects — said in a speech at the April 5 World Bank-Singapore Infrastructure Finance Summit that was attended by Southeast Asian finance ministers and investors.

A statement on Sunday of the Finance department had lifted excerpts from the speech.

The administration plans to hike infrastructure spending to 7.3% of gross domestic product by 2022, when President Rodrigo R. Duterte ends his six-year term, from 5.4% in 2017 in a bid to prod GDP growth to 7-8% annually until 2022 from 2017’s 6.7% and a 6.3% average in 2010-2016. — EJCT