New Clark City is designed to become a smart, intelligent, green, resilient, future-proof and socially-inclusive metropolis.
Finance Secretary Carlos Dominguez III said the economy is expected to grow 7 percent or faster over the medium term as the government increases spending for the ‘Build, Build, Build’ infrastructure program.
Dominguez said government spending on infrastructure in the first five months of 2018 reached P281 billion, up 42 percent from the same period last year. He said the amount was on top of private sector construction and public sector projects financed through public-private partnerships.
Dominguez said that with P281 billion invested on infrastructure in the five-month period, the government was averaging close to P56 billion a month in spending on ‘Build, Build, Build’.
He said with 30 percent of this spending going to wages, about P17 billion was infused into the economy a month in the form of additional income and purchasing power for workers.
The infrastructure program also generated 100,000 new jobs so far, spurring economic activity in related sectors and other multiplier effects, he said.
Dominguez also emphasized that combined with other reforms such as the long-due modernization of the tax system and improvements in the ease of doing business, the Duterte administration envisions the infrastructure program to reduce poverty incidence by a third of the 2015 level of 21.6 percent to just 14 percent by 2022.
“This will be the absolute measure of success of our strategy of inclusive growth. This is the goal that has been set for us by President Duterte, and this is how we are implementing it,” said Dominguez. “We fully aspire to be the fastest growing economy in the fastest growing region in the world. This will not be an easy task to accomplish. But we are ready to meet the challenges, driven by the optimism of our people, the confidence of our development partners, and the leadership of President Duterte.”
Other On-going Projects
Aside from the New Clark City Government Administrative Center, three other infrastructure projects under the Build Build Build program are already underway in Clark City. These projects include the Subic-Clark Railway Project (SCRP), Clark International Airport (CIA) Expansion Project- Engineering Procurement and Construction for the new International Passenger Terminal, and the CIA Project Operations and Maintenance.
The projects are under the implementation of the BCDA, with the SCRP being a joint project with the Department of Transportation (DOTr).
Subic-Clark Railway Project (SCRP)
The SCRP, which covers the provinces of Bataan and Pampanga, is a 71-km freight railway connecting Subic Bay Freeport Zone and Clark Freeport Zone. It will provide a railway link between the Port of Subic Bay and the Clark International Airport. Eventually, the trains will be open to passenger service and will be extended to New Clark City.
The railway project will be financed through Official Development Assistance (ODA) from China and through the allocated budget in the General Appropriations Act (GAA). The project has a total cost of P 50.03 Billion (P40.26 Billion of which is shouldered by DOTr, while the other P9.77 Billion is under BCDA. The railway will commence construction in 2019, and is expected to be completed on 2022.
Clark International Airport (CIA) Expansion Project- Engineering Procurement and Construction for the new International Passenger Terminal
In order to alleviate air traffic congestion at the Ninoy Aquino International Airport (NAIA) and to accommodate the growing traffic in Central and Northern Luzon, a new international passenger terminal is being constructed at the Clark International Airport.
The engineering, procurement, and construction will cost a total of P9.36 Billion and will be funded through BCDA corporate funds. The groundbreaking took place in December 2017, and the project is expected to be completed on June 2020.
Clark International Airport (CIA) Project Operations and Maintenance
An operations and maintenance concessionaire for the Clark International Airport will be selected for a 25-year period using the Build-Operate-Transfer (BOT) Law. With a total cost of P5.6 Billion, the project aims to select and engage a world-class operator, in order to keep the airport at par with international aviation standards.BLOG COMMENTS POWERED BY DISQUS