Build, Better, More program to propel economy

The National Economic and Development Authority (NEDA) underscored the role of the ‘Build-Better-More’ infrastructure program as a catalyst for the country’s social and economic transformation.

“With a focus on delivering essential projects such as expressways, bridges, airports, railways, ports, telecommunications, and other social infrastructure, we will be able to significantly reduce the cost of doing business, expand market opportunities especially for micro, small, and medium enterprises or MSMEs, and promote high-quality job creation and innovation,” said NEDA Secretary Arsenio M. Balisacan during the 2023 Post-State of the Nation Address (SONA) Discussions on July 25, 2023.

President Ferdinand R. Marcos Jr. committed to maintain annual spending on infrastructure at around 5 to 6 percent of GDP from 2023 to 2028, equivalent to approximately USD 20 billion to USD 40 billion per year. This demonstrates the government’s recognition of infrastructure development as a crucial component of the country’s development agenda.

The prioritization of infrastructure also aligns with the strategies found in the country’s Philippine Development Plan (PDP) 2023-2028, the government’s development blueprint for the medium term. The PDP 2023-2028 lays out interventions aimed at transforming the country’s production and social sectors through the expansion and upgrading of infrastructure.

The ‘Build-Better-More’ infrastructure program presently includes 194 Infrastructure Flagship Projects (IFPs) worth around PHP 8.3 trillion.

“These 194 big-ticket infrastructure projects aim to address the binding constraints to business investment and expansion. The goal is to create more high-quality and resilient jobs offering better wages to Filipino workers. This is key to significantly reducing our country’s poverty incidence to single-digit levels by 2028,” explained Balisacan.

Given the significance, the NEDA Secretary assured that the implementation of the IFPs will be fast-tracked and well-resourced, as the government seeks the participation of the private sector through public-private partnerships.

“Together with the expertise of the private sector, we will connect and integrate markets to enable access to more growth opportunities, enhance the productivity of our labor force, improve human capital development, and create safer and more accessible infrastructure for Filipinos in the years to come,” he said.