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DBM reaffirms commitment to support infra dev’t projects to spur economic growth
Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman reaffirms the DBM’s commitment to fully support infrastructure development projects geared to spur economic growth throughout the country.
During the loan agreement signing for the Davao Public Transport Modernization Project led by no less than President Ferdinand “Bongbong” R. Marcos Jr., held in Davao City on 1 July 2023, Secretary Pangandaman expressed her full support for the project and emphasized that now is the right time to Build Build More.
“I firmly believe that to achieve economic and social objectives, a developing nation like ours must improve its infrastructure. So, we must move quickly. No more waiting. The ideal time to fill that infrastructure gap is now,” Sec Pangandaman underscored.
The Davao Bus Project is designed to connect a network of 29 routes covering 672 kilometers of roads traversing Davao City and Panabo, Davao del Norte. It is one of the major infrastructure undertakings of the Build, Better, More program of th PBBM Administration, which aims to improve the country’s transportation system and boost economic growth.
The P73.4-billion Project, first proposed in 2010, and finally approved this year by the National Economic and Development Authority (NEDA) will be funded in part by the P52-billion loan from the ADB.
In his keynote address, President Bongbong Marcos lauded the ADB saying that the regional bank has been the country’s “active and reliable partner in socioeconomic projects since its inception.”
“As we further our partnership, I am optimistic that we will come up and forge even more projects in the years ahead, especially those that aim to improve the lives and lessen the burden to the public,” President BBM told the ADB officials, noting that the project can likewise be replicated in other urban areas in the country.
“We need to work together to pursue the much-needed modernization of our transport system in vital parts of the country, whether through better roads, highways and even railways. It’s not only good for the economy, but also, ultimately, for the health and general well-being of the public,” the President said.
In support of the President’s mandate, Sec. Pangandaman noted that through the Medium Term Fiscal Framework, the PBBM administration aims to maintain high infrastructure spending at five to six percent of annual GDP from 2022 to 2028.
“P1.3 trillion has been allocated in the 2023 national budget to sustain the momentum of the Build, Better, More. The DBM is committed to working closely with other government agencies, development partners, and stakeholders to ensure that the allocated funds are utilized properly and efficiently, driving economic growth and development for all Filipinos,” the Budget Secretary vowed.