Philippines approves $7.6 billion for infrastructure projects
The Philippines, one of the world's fastest growing economies, is overhauling its ageing infrastructure to boost its competitiveness, create jobs and attract foreign firms hesitant about power costs, logistics headaches and supply chains challenges.
The approval and eventual completion of these projects "will pave the way for us to achieve our mid-term and long-term goals" as a nation, Socioeconomic Planning Secretary Ernesto Pernia said.
The latest bundle brings the total number of approved projects to 35 worth 1.2 trillion pesos ($23.6 billion) since Duterte took office in July 2016.
The biggest plan approved was the 355.6 billion pesos Metro Manila Subway Project, the first of its kind in the Philippines, and seen as an urgently needed solution to the sprawling capital's notorious gridlock.
It will be funded by overseas aid from Japan and construction is expected to start early next year. ■