Philippines approves $7.6 billion for subway, other infrastructure projects

source: Reuters, the news and media division of Thomson Reutershttp://reut.rs/2C0I7Z9

MANILA (Reuters) – An interagency panel chaired by Philippines President Rodrigo Duterte has approved four major infrastructure projects worth 386.3 billion pesos ($7.59 billion), including bridges, roads and the country’s first subway.

The Philippines, one of the world’s fastest growing economies, is overhauling its aging infrastructure to boost its competitiveness, create jobs and attract foreign firms hesitant about power costs, logistics headaches and supply chains challenges.

The approval and eventual completion of these projects “will pave the way for us to achieve our mid-term and long-term goals” as a nation, Socioeconomic Planning Secretary Ernesto Pernia said.

The biggest plan approved on Tuesday was the 355.6 billion pesos Metro Manila Subway Project, the first of its kind in the Philippines, and seen as an urgently needed solution to the sprawling capital’s notorious gridlock. It will be funded by overseas aid from Japan and construction is expected to start early next year.

Also endorsed was the expansion of roads in the southern Philippines worth 21.2 billion pesos, construction of bridges in Manila valued at 6 billion pesos and the improvement of an irrigation system north of the capital, worth 3.5 billion pesos.

Under the government’s “Build, Build, Build” initiative, Duterte has pledged to usher in a golden age of infrastructure through a six-year, $180 billion spending spree to modernize and build airports, roads, railways and ports.

A construction boom and a strong agriculture sector fueled annual growth of 6.5 percent in the Philippines’ gross domestic product in the second quarter.

Reporting by Neil Jerome Morales; Editing by Martin Petty and Richard Borsuk

 

PUBLIC-PRIVATE PARTNERSHIP (PPP) PROJECTS

source: http://bit.ly/2C9u04R  The Department of Public Works and Highways (DPWH) is one of the three departments of the government undertaking major infrastructure projects. The DPWH is mandated to undertake (a) the planning of infrastructure, such as national roads and bridges, flood control, water resources projects and other public works, and (b) the design, construction, and maintenance of national roads and bridges, and major flood control systems.

Opportunities: 

we are searching for investors or partners to finance Philipine PPP projects:  please use reference: Philippine PPP-projects and contact transatlantico.projects@gmail.com

 

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