NATIONAL NEWS: Gov't economic team highlights infra plan

CLARK , Pampanga — The Duterte administration's economic team presented the government's development strategies for the medium term before businessmen and other stakeholders from Central and Northern Luzon.

Finance Secretary Carlos G. Dominguez III, who heads the economic team, said Clark will be a major alternative growth driver for the country amid massive investments lined up for the area.

“This former American military base will soon be the showcase of the Duterte administration’s economic strategy,” Dominguez said before a crowd of about 400 from Clark and nearby provinces.

The Duterte administration is keen on achieving a more inclusive economic growth mainly through higher investments in infrastructure and social protection programs, more so in areas outside Metro Manila, as well as comprehensive reform of the tax system.

At the forefront of the growth strategy is the “Build Build Build” program, which includes the P15.35-billion Clark International Airport New Terminal Building Project.

The project, which broke ground in December last year, will allow the airport to accommodate eight million passengers yearly from the current designed capacity of 4.2 million.

Transportation Secretary Arthur P. Tugade said it is among a list of big-ticket transportation projects meant to boost growth all over the country.

The others include the Puerto Princesa Airport new terminal, New Bohol Airport, Mactan Cebu International Airport, Bicol International Airport, as well as massive railway projects, including the P211.45-billion PNR North 2 Project that will connect Malolos in Bulacan, Clark Airport, and Clark.

BCDA President and CEO Vince B. Dizon said New Clark City will house the national governent administrative center (NGAC), where government offices will operate.

It is also seen to house technology companies, among other private sector investors, as well as world-class sports facilities, hospitals, schools, and retail and commercial centers.

Public Works and Highways Secretary Mark A. Villar said the transportation projects will be complemented by equally massive road projects.

Among these is the Luzon Spine Expressway Network, which will extend the High Standard Highways in Luzon from 385 km to 1,040 km. This road project will allow travelers to cover the entire strip from La Union to Bicol in just 8 hours and 15 minutes.

Budget Undersecretary Rolando U. Toledo said the bold transportation and road projects are anchored on the government's budget reforms, including those that promote on-time disbursements.

The infrastructure projects will be financed in part by proceeds from the government's tax reform program.

Finance Assistant Secretary Ma. Teresa S. Habitan presented highlights of the tax reform program, including Package 2 which covers the proposed cut in corporate income tax rate combined with rationalization of fiscal incentives.

Habitan said that under the proposed fiscal incentives rationalization, the government will give incentives that are performance based, targeted [to select priority sectors], and time-bound.

BSP Governor Nestor A. Espenilla, Jr. enumerated central bank’s initiatives over the medium term that are seen to help provide an environment conducive to robust, sustainable, and more inclusive economic growth.

These include foreign exchange liberalization, financial inclusion efforts, development of the domestic debt market, and digitization of finance, among others.

With all of these initiatives, the Philippines will remain among the fastest growing economies in Asia, Socioeconomic Planning Secretary Ernesto Pernia said.

The government targets economic growth of 7.0 percent to 8.0 percent up to 2022, and reduction of poverty incidence from 21.6 percent in 2015 to 14 percent in 2022.