Marcos Sona: Always maintain fiscal health

ABOUT 5 to 6 percent of the said spending will be for infrastructure projects, which remain a key employment generator as well as a consistent draw for foreign investors.

“I will not suspend any of the ongoing projects as those have already been shown to be of benefit to the public that they serve,” Marcos said.

“Our infrastructure development is of primary importance as it is a necessary element to improve many other sectors—to include agriculture, tourism, general economic activity and even governance,” he added.

Railway projects, he said, will be among the priority infrastructure projects of his administration.

To reduce government spending for such projects, Marcos said the government will rely on public private partnerships (PPP).

Renewable energy

ASIDE from infrastructure, PPPS will also cover energy projects, which are now in demand as the economy continues to expand, according to Marcos.

He said the government will consider tapping renewable and nuclear energy to address gaps in the local power supply.

“The technology of renewable energy is progressing rapidly. And many of these technologies are appropriate for the Philippines. We have already begun windmill power, and we are now expanding very quickly our solar power production,” Marcos said.

“I also believe it is time to re-examine our strategy towards building nuclear power plants in the Philippines,” he added.

New Executive Order

AGRICULTURE is another priority sector which Marcos wants to beef up during his term to stabilize the rising cost of food items.

The concurrent Agriculture Secretary said he wants to boost the production of agricultural products by providing farmers access to financing, cheap fertilizer, pesticide, seeds, feeds, and fuel.

He also wants to improve the distribution of agriculture products through the construction of a national network of farm-to-market roads, and expansion of the Kadiwa Centers of the Department of Agriculture.

The measures will be contained in a comprehensive plan of the DA, which is expected to be finalized in the next planting season.

To further boost farm production, Marcos said he will also issue an Executive Order imposing a one-year moratorium on the payment of land amortization and interest payments.

“A moratorium will give the farmers the ability to channel their resources in developing their farms and maximizing their capacity to produce, and propel the growth of our economy,” Marcos said.

He will push for passage of a new legislation giving agrarian reform beneficiaries relief from unpaid amortization and interest.

Sound State of the Nation

MARCOS delivered his economy-focused speech before over 1,000 live participants, including politicians, government officials and diplomats at the Batasan Complex in Quezon City.

He said he hopes the comprehensive roadmap, which he announced before the SONA will assure the public amid the still pandemic-stricken economy.

“I know this in my mind, in my heart, in my very soul... the state of the nation is sound,” Marcos said.