The Philippines is in a league with Asia’s “new rising stars” that can be at the vanguard of global economic recovery, despite an expected slowdown in GDP growth after a faster-than-expected expansion in 2022, according to Nomura Holdings.
In particular, Nomura noted the Marcos administration giving emphasis on infrastructure development, with a goal of maintaining yearly infrastructure spending at 5 percent to 6 percent of GDP.
The Japanese group said the goal for the spending ratio was higher than the prepandemic average of 4.7 percent of GDP that they estimate for the 2016-2019 period. “Consistent with this high prioritization, the 2023 budget has allocated P1.3 trillion for the ‘build, better, more’ program, the bulk of which comprises transport infrastructure projects such as road networks and railways,” Nomura said.
Also, Nomura noted that there are more than 2,000 projects identified in the pipeline, amounting to a total $290 billion over the next six years, including 190 flagship big ticket projects worth $140 billion. Last week, Secretary Arsenio Balisacan of the National Economic and Development Authority said Japan will help drive the implementation of the Philippine Development Plan.Your subscription has been successful.
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