The Marcos Jr. administration’s pronouncement that it is pursuing major infrastructure projects should serve to reassure Filipinos that it is serious in rebuilding the economy in the years ahead.
Ample proof that the government has begun to make good on this pledge is the recent signing of contracts for the South Commuter Railway Project in Laguna, the largest infrastructure project to be funded by the Asian Development Bank.
The railway project is expected to cut travel time from Manila to Laguna from three hours to just one hour. It can accommodate up to 340,000 commuters a day.
Already being rushed to completion is the first phase of the railway project from Manila to Malolos, Bulacan and eventually to Clark in Pampanga.
The previous administration had planned to build an extensive railway system that would connect major cities in Mindanao, but it appears that the project has been indefinitely shelved since the expected funding from China did not materialize.
Apart from railways, the country needs to build more transportation-related infrastructure, such as roads and bridges that would connect the various islands.
More farm-to-market roads in remote municipalities would benefit not only the agricultural sector but also the travel and tourism industry.
Also in the initial stages of construction is the multibillion-peso Manila International Airport in Bulacan province that will address the limited capacity of the Ninoy Aquino International Airport.
A conglomerate appears to have already secured approval for the construction of the Sangley International Airport in Cavite province. With three international airports in the Greater Manila area alone, the economy stands to benefit immensely in the coming years.
As the country is archipelagic in character, the government needs to build more seaports to stimulate inter-regional trade and commerce as well as tourism.
What is also needed now is a comprehensive infrastructure development plan covering all the major sectors of the economy.
After all, one of the factors hindering the entry of more foreign investments into the country is our poor infrastructure.
But the big problem is where to get the resources needed to build more infrastructure. Obviously, we cannot rely solely on domestic revenue generation or local banks to build major infrastructure projects.
We have to tap other sources, including multilateral financial institutions as the World Bank and the ADB, as well as government-to-government arrangements, so that we can build more roads and bridges and other infrastructure that will propel the economy forward, create more jobs and improve standards of living, especially of those living on the margins of society.