Socioeconomic Planning Secretary Ernesto M. Pernia talked about the state of the Philippine economy and presented the Philippine Development Plan (PDP) 2017-2022, to the Rotary Club of Makati Business District and Rotary Club of Bonifacio Global City Central on April 4 at the Manila Peninsula Hotel.
“With the PDP 2017-2022, the government aims to address poverty not just by alleviating it, but more importantly by reducing inequality and sustaining economic growth,” said Pernia, who was sole guest speaker at the event.
In his presentation, Pernia pointed out that the combined shares of Metro Manila, CALABARZON and Central Luzon make up already two-thirds of the country’s national gross domestic product (GDP).
“This shows how wealth is unevenly distributed in our country. We thus aim to reduce inequality by aggressively pursuing infrastructure development in the regions. That way we reduce congestion in Metro Manila, and also promote development in the provinces,” he added.
Furthermore, Pernia mentioned six projects ready for implementation and will be funded through Official Development Assistance (ODA). The Mega Manila Subway System, High-Speed Train from Clark to Metro Manila, and Commuter Line from Manila to Los Baños will be funded by the Japanese government, while the Chico River Hydro Irrigation Project, Kaliwa Dam Project, and a Long Distance Railway Project from Manila to Albay, will be funded by the Chinese government.
“We are in a good time as we now have a menu of interested financiers competing among themselves. Besides Japan and China, we have the Asian Infrastructure Investment Bank, Asian Development Bank, World Bank, and bilateral partners like Malaysia and Korea interested in funding government projects,” said Pernia.
“Most importantly, we have a strong President who wants projects processed swiftly, implemented without delay, and completed on schedule,” he added.
Marianna Antonia B. Diaz, DIS-PRD
Photos by Daniel Wesley de Leon, DIS-MD