Poor infrastructure worries EKR
Ports and gaming tycoon Enrique K Razon said the Philippines must focus on improving public infrastructure to attract new investments that will spur economic progress.
Once the region’s perennial economic laggard, the Philippines has become one of the fastest growing nations in the world. However, the poor state of the country’s infrastructure could hinder business and economic growth.
A subpar airport and the lack of roads, highways and basic transportation can keep the Philippines from sustaining its growth momentum for the years to come.
Razon, who owns port operator International Container Terminal Services Inc. and Solaire Resort & Casino operator Bloomberry Resorts Corp., has expressed concern about the lack of infrastructure.
“To be blunt about it, I’m not really concerned by what other countries are doing for themselves. I’m concerned about the Philippines since we have a lot to do and a lot of catching up to do,” Razon said in a panel discussion during the first day of the ASEAN Business and Investment Summit.
“We have to really, once and for all, focus and invest in our own infrastructure. To me, that’s what my country really has to get down to doing. My hope for this administration is to change the culture of how things get done in this country,” added Razon.