‘Lack of long-term goals hinders Philippines growth’
The country’s economic growth could have accelerated further had the government consistently funded big-ticket infrastructure projects across different administrations, an economist said.
Manila, Philippines — The economic growth of the Philippines could have been faster if the government had consistently funded major infrastructure projects throughout different administrations, according to JC Punongbayan, an economics professor at the University of the Philippines. Punongbayan highlighted railway projects as an example, noting that their delayed opening or partial opening was due to the funding being placed in unprogrammed appropriations.
He explained, "If funding had only continued for big-ticket infra projects, their opening or partial opening would not have been delayed. That's the root of the problem: They put them in the unprogrammed funds and then those included in the programmed funds are flood control, road networks, ayuda." Punongbayan criticized the current administration for not prioritizing these large-scale projects, stating, "The priorities of the administration could have been steered toward the direction of these rolling projects and big-ticket infra projects, but it was a lost opportunity.
Until now, the programs and projects are super delayed." For the proposed 2027 budget, the Marcos administration is seeking a "historic low" of P119.98 billion in unprogrammed funds. Punongbayan pointed out that proposing such projects at the fifth or sixth year of a President would mean the next administration would have to manage their implementation, which could be problematic if the successor has different plans.
He emphasized the lack of long-term strategies in the Philippines, attributing it to shifting priorities following changes in leadership. Punongbayan emphasized the importance of visionary leadership and sticking to long-term plans, stating, "In other words, visionary leadership, I think, is very crucial, and we need to stick to the long-term plans because we have a lot of plans here in the Philippines."
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
