DAVAO CITY – Finance Secretary Carlos Dominguez on Friday cited the Asian Development Bank (ADB) for its continued support for the government’s infrastructure projects and initiatives, particularly in the implementation of the Brunei Darussalam-Indonesia-Malaysia-Philippines East Asean Growth Area (BIMP-EAGA) agenda.
Dominguez said the ADB’s assistance to the Philippines at the strategic, operational, and administrative levels has helped the government implement the BIMP-EAGA development project.
He said ADB has supported several major initiatives for Mindanao, among them the ongoing socio-economic and community development projects with an overall goal of improving the quality of life for Mindanaoans.
Dominguez said the ADB has long been playing a key role in supporting projects, as well as other initiatives that aim to improve the quality of life in the South.
“The ADB has also been generously assisting us in funding important infrastructure projects that would spur economic development in this island,” Dominguez said in his speech at the press launch of the Philippines’ hosting of the 51st Annual Meeting of the ADB Board of Governors at the SMX Convention Center.
Dominguez mentioned the USD380-million loan from the ADB that would help improve about 280 km. of national roads and bridges in the Zamboanga Peninsula and Tawi-Tawi. The loan agreement was signed in January.
This project, he said, aims to expand economic opportunities in agribusiness, ecotourism, and logistics, improve access to markets, jobs, education, and health facilities.
In the pipeline to be funded by ADB is the USD70 million Davao Public Transport Modernization Project, designed to improve public transport infrastructure and services in Davao City.
Dominguez highlighted Mindanao as among the primary beneficiaries of a shared goal of inclusive growth that the government and the ADB have long established a strong partnership to bring peace and development in Mindanao.
During the press launch, Dominguez also presented the five flagship projects to be rolled out by the Duterte administration in Mindanao under its “Build Build Build” infrastructure program at PHP100.69 billion.
Dominguez bared the five projects which were already approved by the National Economic and Development Authority (NEDA) Board chaired by President Rodrigo Duterte. They are the PHP5.4-billion Malitubog-Maridagao Irrigation Project Phase 2 in North Cotabato and Maguindanao, which is expected to service almost 10,000 hectares of land in 56 conflict-affected areas; the PHP4.86-billion Panguil Bay Bridge project that would connect Tangub City in Misamis Occidental and Tubod, Lanao del Norte, for completion in 2021; the expansion and improvement projects in Davao International Airport at PHP 40.57 billion; the Laguindingan Airport at PHP14.6-billion; and the 102-km. Mindanao Railway Project Phase 1, Segment 1 (Tagum, Davao City and Digos) worth PHP35.26 billion.
Dominguez said the projects demonstrated the commitment of the Duterte administration to move Mindanao from the margins and make it a center for agriculture and industry.
He said the administration wants to transform Mindanao into a premier investment site, and that it will be at the “front and center” of the “Build, Build, Build” infrastructure program that the government is aggressively implementing to further stimulate the economy and link isolated communities to the mainstream of growth.
On May 3-6, the Philippines is hosting the 51st ADB Annual Meeting with the theme, “Linking People and Economies for Inclusive Development”.
“This is an apt theme. Although the region leads the world in the pace of growth, we know that some communities and local economies have been left out of the process of more efficient wealth-creation,” Dominguez said.
He said the country is “suitably positioned” to host this year’s ADB annual meet, seen to draw about 3,000 influential people who would bring stories back to their countries that the Philippines is a good place to invest in.
Those expected to participate are the finance ministers and central bank governors of the ADB member-countries, bankers, representatives of the private sector, civil society, academe, multilateral institutions and the media. (Lilian C. Mellejor/PNA)