Enabling economic development is founded on a solid foundation of sustainable and modern infrastructure systems. This is crucial for improving standards of living and attracting more investments in the Philippines. As one of ASEAN's most dynamic and fastest-growing markets, the country continues to exhibit promising prospects for the succeeding years following the exciting developments in the sector.
During the previous administration, the Build, Build, Build (BBB) Program, aimed at accelerating public infrastructure in the Philippines, was focused on key sectors of the Philippine economy, with transport and mobility as the highest priority and allocation of budget. Under the current government leadership, Build, Better, More (BBM) from its previous iteration of BBB seeks to further expand the country's flagship infrastructure program. The BBM program targets infrastructure spending to reach 5 to 6% of GDP annually and aims to aid the country in gaining high-trajectory growth of 6.5 to 8.0% of GDP in the medium term. More recently, in March 2023, the National Economic and Development Authority (NEDA) Board approved a total of 194 priority infrastructure projects worth PHP 9 trillion.
Ramping up investments and the use of public-private partnerships (PPPs) provides alternative financing solutions to the Philippines' infrastructure needs. Boosting infrastructure investments will likewise aid in accelerating economic recovery and resiliency while maintaining the country's debt sustainability. On this account, strengthening PPPs is imperative to offer significant advantages in infrastructure given the private sector's pool of funds, expertise, and innovation.
In order to achieve our shared goal of building a globally competitive Philippine economy, the European Chamber of Commerce of the Philippines (ECCP) and HSBC Philippines organize this virtual event entitled "Building the Future: Investing in Philippine Infrastructure" to present an update on the country's economic landscape and its infrastructure needs. Likewise, this webinar will also unveil the investment opportunities in the Philippine infrastructure sector as well as potential areas of collaboration between the government and key stakeholders.
In close partnership with government, businesses, civil society, and academia, ECCP passionately works to enhance the business environment for both European and Filipino companies.