MANILA-- A leader of the House of Representatives expressed optimism over the rosy growth prospects of the Philippine economy as the Duterte administration institutes key economic reforms termed as "DuterteNomics".
House appropriations committee chair and Davao City Rep. Karlo Nograles said President Rodrigo Duterte's economic policies are anchored on his commitment to fight poverty and his true compassion for the people, thus translating into inclusive growth -- a feat that remained elusive in the previous administration.
"Our economic growth will no longer just be figures and statistics but will be translated to real reforms that will uplift the lives of every Filipino particularly those who are poor but hardworking," Nograles said in a statement on Tuesday.
DuterteNomics is President Duterte's economic and development blueprint for the Philippines.
It includes the current administration's main governance and fiscal policies, comprehensive big-ticket infrastructure programs and upgraded social services targeted to accelerate growth, and by 2022, transform the Philippines into a high middle-income economy.
"The President is simply using his common sense and his genuine desire to serve the people to understand what the government needs to do to ensure that our people can benefit from the fruits of our economic gains. That's Dutertenomics to you -- simple, practical and doable," Nograles said.
Nograles highlighted Duterte's state visit in Middle East generated the country some USD 925 million, or about PHP46 billion worth of prospective investments from Bahrain, Qatar and Saudi Arabia.
Nograles said the massive goodwill earned from the Middle East visit dispels fears that the President is failing in economic governance in exchange for his hardline anti-drug policy.
DuterteNomics would ramp up infrastructure spending with an allocation of PHP847.2 billion or 5.2 percent of the gross domestic product (GDP) on infrastructure projects this year.
The government also plans to spend up to PHP9 trillion on public infrastructure from 2017 to 2022 for the construction of bridges, highways, railways, airports, and ports.
Among the "big ticket projects" are the Clark-Subic Rail, Tutuban-Clark Railway system; the 581-kilometer south line of the North South Railway Project connecting Tutuban, Calamba, Batangas and Bicol; the Panguil Bay Bridge; the Clark International Airport-Metro Manila Bus Rapid Transit; the construction of three new bridges across Pasig River; and construction of the Kaliwa Dam and the Chico River Dam.
Source: Philippines News Agency