Dominguez: Railways, ports urgently needed in PH
It’s top priority as far as this government is concerned.
Finance Secretary Carlos Dominguez III said mass transportation is the most “critical” requirement to improve overall infrastructure in the Philippines as well as in connecting with the rest of the region.
“Transport infrastructure is clearly our most urgent need. It immediately contributes to economic expansion and broadens the revenue base of countries. Businesses are able to improve productivity dramatically and households are able to improve incomes with the modernization of transport infrastructure,” Dominguez said during the Asian Infrastructure Investment Bank (AIIB) Governors’ Business Roundtable in India.
Dominguez said the Build, Build, Build program zooms in on this with 10 projects expected to start construction this year.
“To be sure, strategic infrastructure projects are costly. We are building a strong basis for our infrastructure program by modernizing our revenue systems, pursuing financial sector reforms intending to broaden participation and strengthening our banking system to enable capital accumulation,” Dominguez said. “But we will rely heavily on our development partners for strategic financing support,” he said.
AIIB is one of the foreign funding sources for the Philippines.