The Philippine government is committed to reverse the decades-long underinvestment in infrastructure, Finance Secretary Benjamin Dio2kno said on Thursday.
THE Philippine government is committed to reverse the decades-long underinvestment in infrastructure, Finance Secretary Benjamin Dio2kno said on Thursday.strategy. From 2001 to 2015, average infrastructure spending was only at 2 percent of GDP [gross domestic product],” he said at the Philippine Economic Briefing held on the sidelines of the World Bank-International Monetary Fund Spring Meetings.
The amendments to the Retail Trade Liberalization Act , Foreign Investments Act , and the Public Service Act relaxed foreign restrictions on investments in the country. From August 2021 to December 2022, total investment capital from approved priority activities with incentives under CREATE has already reached P414.3 billion. This covers priority activities above P1 billion.
Categorized into three tiers, priority projects and activities listed under Tier III are directed toward emerging technologies that are consistent with the fourth industrial revolution, such as: artificial intelligence, nanotechnology, biotechnology, advanced digital production technologies, and innovation support facilities including space-related infrastructures.“The Philippines’ impressive economic performance is the result of years of interconnected structural reforms,” Diokno said.
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