Intentions to action: Inspiring not just attracting foreign investments

One of the things to be thankful about is that our government leaders do not need any convincing that infrastructure development must be a central part of the economic agenda. President Ferdinand Marcos Jr., himself has acknowledged this in numerous pronouncements. 

In last year’s State of the Nation Address, he said that the "Build Better More" program is designed to enhance economic efficiency by improving transportation and reducing costs and time for goods and services movement. Specifically, the Philippine Development Plan (PDP) 2023-2028 recognizes the need for significant investments in various infrastructure sectors to address current inadequacies and enhance connectivity, water resources, and social infrastructure. In 2023, the National Economic and Development Authority (NEDA) approved 194 projects worth P9 trillion.

At the start of this year, Marcos again committed to streamline regulations to expedite infrastructure projects. 

During the Philippine Economic Briefing (PEB) Manila entitled "Navigating PH's Investment Landscape: Where to Invest?", the Department of Transportation (DOTr) Secretary Jaime Bautista highlighted that there are at least 155 projects under the planning and project development phase in the Transportation Modernization Program.

For its part, DOTr is responsible for 69 Infrastructure Flagship Projects (IFPs) out of the 185 IFPs of the Philippine Government as of February 2024, with an indicative amount of P5,789.13 billion out of the P9,143.16 billion (63%) total indicative cost of IFPs. Furthermore, the department has investment-approved projects amounting to P369.3 billion from November 2022 to date.

These plans and commitments are best seen in actual efforts to engage foreign investors in an attempt to attract them to come to the country. 

For example, in early May this year, ACCIONA Chairman and CEO José Manuel Entrecanales paid a visit to the Philippines. He met with several officials, including Special Assistant to the President for Investment and Economic Affairs Secretary Frederic Go and Cebu Governor Gwendolyn Garcia to discuss future infrastructure projects. 

During the Makati Business Club's Global Leaders Series 2024,