UNESCAP Finds Philippines to be Most Prepared to Implement Major Infrastructure Project in ASEAN

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Another international body recognized the Philippines possible achievements in the next few years under the Duterte administration after the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) revealed that the country tops the most ready in ASEAN to implement major infrastructure projects in the region.

UNESCAP said that the Philippines has “strong project evaluation and prioritization system based on economic viability” in undertaking infrastructure projects.

The Department of Finance (DoF) confimed the statements from UNESCAP as they noted that the international agency released the findings during a UNESCAP workshop in late August of this year.

“The workshop found the Philippines to be among the most ready in ASEAN (Association of Southeast Asian Nations) in boosting infrastructure development,” Finance Undersecretary Gil S. Beltran said in a statement.

The two-day Workshop on Infrastructure Financing Strategies was organized by UNESCAP on Aug. 29 to 30 in Makati city.

UNESCAP also noted that the Republic Act No.10752, or the Right-of-Way Act, will tend to speed up the roll-out of projects, as it facilitates government and affected landowners’ negotiations on the ownership of land for a project site, according to Mr. Beltran.

“Another favorable factor cited by UNESCAP is the country’s Public-Private Partnership law that sets up an institution and a set of rules to implement projects in an orderly manner and a private sector that is aggressive in participating,” the DoF said.

The Department of Finance also said that the UN regional development arm also noted “substantial financing opportunities,” in the country amid the government’s plan to spend about P8.4 trillion on infrastructure over the medium term.

Based on the records of the National Economic and Development Authority, 2,857 infrastructure projects worth P524.48 billion or about 56.06%, of the total of P935.55 billion region-specific projects in its three-year rolling infrastructure program will be built in areas outside the National Capital Region.

This compares to 293 projects for Metro Manila, which are worth P180.37 billion, or 19.28% of the total.

Source: BusinessWorld

Ed Umbao

Founder of PhilNews.xyz | co-Founder of PhilNews.ph

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