Philippines Gearing to an Economic Boost This 2022
Despite the substantial effects of the pandemic, the Philippines is gearing towards an economic growth for up 6% this 2022, rising up further to 6.3% the following year, forecasts by the Asian Development Bank (ADP).
The ease in pandemic restrictions, lift in travel and mobility, continued vaccination rollout as well the relaxed international travel restrictions paved way to more manufacturing and construction activities, which in return boosts the country’s service sectors.
“Nearly all indicators point to higher growth for the Philippines this year and in 2023, barring the impact of external factors from geopolitical tensions that may dampen growth globally, including in the country’s key export markets Europe and the United States,” said ADB Philippines Country Director Kelly Bird.
Currently, local business and transport are now fully operational. The country is also now accepting fully vaccinated international travelers since February. With this positive shift, the government hopes that it will reopen the country’s economy and boost the tourism and employment in the services sector.
In addition, the rapid implementation of the rapid implementation of macro infrastructure projects coupled with the OFWs’ continued cash remittances spurred the country’s economic growth upward, says the Organization for Economic Operation and Development (OECD) in their Economic Outlook for Southeast Asia, China and India 2022 report.
“Public infrastructure spending is projected to contribute significantly to this growth. The 2022 National Expenditure Programs amounts to around 5.1 trillion Philippine pesos (PHP), which is equivalent to of 22.8% of GDP. Infrastructure spending is expected to benefit from PHP 1.18 trillion of the total allocation, equivalent to 5.3% of GDP (Department of Budget and Management, 2021.)”
“The uptick in remittances by overseas Filipino workers is also expected to boost domestic spending.”
However, uncertainties brought about by the pandemic poses a threat to bring ripples in the economic waters of the country towards a downward trajectory.
Build, Build, Build Program: A Duterte Legacy
Considered as the ‘centerpiece program’ of the Duterte administration, this ambitious macro infrastructure project was the regime’s way of ushering the country’s into the ‘Golden Age of Infrastructure.’ It also aims to cure the country’s infrastructure gap, which is seen for the longest time as a factor why investing and building a business in the Philippines is comparatively costly than our Southeast Asian countries. Aside from that, the BBB Programs also paved way to more local employment opportunities for Filipinos, opening as much as 159 job positions, boosted the investment confidence both local and international, and all the while improving the quality of life in the urban and rural communities. Initially, the project is estimated to cost around PHP 9 trillion (2016–2022).
Headed by Transportation Secretary Arturo Tugade, the Department of Transportation is in charge of the development of airports and railways while the Department of Public Works and Highways, led by Secretary Mark Villar was tasked to take over the construction of bridges, expressways, flood control facilities, roads, and classrooms among others.
Mark Villar: the Silent Worker
Dubbed as the ‘Silent Worker,’ Mark Aguilar Villar proved that your accomplishments and services will do the ‘speaking’ for you.
Mark Aguilar Villar is the son of the former Senator and Speaker of the House of Representatives Manny Villar and incumbent Senator Cynthia Villar. He is a Filipino politician and business and has dedicated his life serving the Filipino people.
Though born in a wealthy family, Villar humbly started his roots as a General Manager for Crown Asia Corporation. For 2010–2016, he served as a Representative for the lone district of Las Pinas. During his term, he co-authored and passed on bills like the Go Negosyo Act which aims to strengthen the Micro, Small, and Medium Enterprises, facilitating local employment as well as production and trade. He also co-authored the Lemon Law, which protects first-time buyers of vehicles.
He was later appointed by President Duterte as the next DPWH secretary in 2016, leading the Build, Build, Build Programs has delivered excellent results and numerous accomplishments since then.
Notable Projects of Mark Villar in the Build, Build, Build Program
Truly enough, Villar, together with his team, is committed in delivering excellent service to the Filipino people, which is highly evident in their infrastructure projects, all for the sake of making every Filipinos’ lives easier.
Traffic has been one of the decade-long problems in the Metro. As the number of vehicle-owning people increases throughout the year, it is not surprising that our roads are now congested with endless traffic. This is one of the key areas the Villar team focused on.
The construction of Alabang-Sucat Skyway Connection and Ramp Extension paved way to easier access for travelers who want to experience the wonders of the South, effectively cutting the travel time for up to 50%. Heading up to the North, motorists can now enjoy easier and faster access to areas of Valenzuela, North Caloocan, Quezon City via Novaliches and NLEX with the rise of the Mindanao Avenue Extension (Segment 2C).
Villar established presence not only in Luzon but also created networks in the Visayas and Mindanao Regions. The highlights of his projects include the construction of the 68.5 kilometer Metro Cebu expressway, connecting Naga City and Danao City and cutting the travel time to one hour and ten minutes from the previous three-hour ride.
Going further to the South, the construction of the Davao City Coastal Road will not only shorten the travel time from Toril to Poblacion to just fifteen minutes, but will also provide an alternative route to the Pan-Philippine highway, effectively decongesting the traffic within the area. Also, it will also serve as a diversion road for provincial and regional transport.
These are just a few of the insurmountable amount of projects and programs Villar had accomplished in leading the BBB Project. Staying true to his mission of ensuring the continuation and completion of all the major infrastructure projects, Villar is directed more towards achieving greater heights in the future, bringing in the whole nation as they both strive for success and growth.
