President Ferdinand Marcos Jr. on Monday vowed to optimize the newly-established Maharlika Investment Fund (MIF) to pursue more infrastructure projects crucial to sustain the country’s economic expansion.
“One of the keys to continuing economic growth is infrastructure development. So we will build better, and more. Our P8.3-trillion Build Better More program is in progress and being vigorously implemented,” the Chief Executive said at his second State of the Nation Address (SONA).
Marcos said the flagship projects under the government’s Build Better More program cover investments in the areas of physical connectivity, water resources, agriculture, health, digital connectivity, and energy.
“Physical connectivity infrastructure—such as roads, bridges, seaports, airports, and mass transport—accounts for 83 percent of the program. Our infrastructure spending will be at 5 to 6 percent of our GDP (gross domestic product),” Marcos said.
“The underlying logic to our infrastructure development is economic efficiency. We are opening up all gateways to mobilize goods and services at less cost and in less time, and ultimately, to drive the economy.”
President Ferdinand Marcos Jr.
According to the President, the government’s road network plan must link not only the three major islands, but all prospective sites of economic development across the archipelago.
“The 1,200-kilometer Luzon Spine Expressway Network Program will effectively connect the Ilocos to Bicol from 20 hours to just 9 hours of travel,” Marcos said.
Under the Mega-Bridge Program, he said 12 bridge projects totaling 90 kilometers will be constructed, connecting the islands and areas separated by waters.
“The program notably includes the Bataan-Cavite Interlink Bridge and the Panay-Guimaras-Negros Island Bridges, each spanning 32 kilometers, and the Samal Island-Davao City Connector Bridge,” he said.
As of June this year, the government has constructed, maintained, and upgraded more than 4,000 kilometers of roads and around 500 bridges across the country.
“Crucial airport and port development projects across the country have been completed, including Cebu’s Pier 88 smart port, and the new passenger terminal buildings at Clark Airport and the Port of Calapan,” Marcos said.
“We initiated several railway projects, with a total length of more than 1,000 kilometers. Notably, the southern leg of the North-South Commuter Railway System is now in full swing. In a few years, travel from Pampanga to Laguna will be reduced from four hours to just two,” he added.
Marcos further said that inter-modal connectivity will be a primary consideration.
“Roads, bridges and mass transport systems will be interconnected. This network will provide access and passage to vital and bustling economic markets, such as agriculture hubs, tourism sites, and key business districts,” he said.
On strategic financing, Marcos said some of the nation’s high-priority projects can now look forward to the newly established Maharlika Investment Fund but without the added debt burden.
“In pooling a small fraction of the considerable but underutilized government funds, the Maharlika Fund shall be used to make high-impact and profitable investments, such as the Build-Better-More program. The gains from the Fund shall be reinvested into the country’s economic well-being,” Marcos said.
“To ensure sound financial management, a group of internationally recognized economic managers shall oversee the operations of the Fund, guided by principles of transparency and accountability. This guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” he added.
The funds for the social security and public health insurance of the people, according to Marcos shall remain intact and separate.
