NEDA’s National Planning and Policy Staff head Scholastica D. Cororaton said the implementation of BOT and ODA-funded projects scheduled for 2005 would mitigate any possible slowdown in economic growth.
"We need to fasttrack the implementation of various infrastructure projects, such as the Subic-Tarlac Expressway project worth P27 billion, the Subic-Clark-Tarlac extension worth P25.3 billion, and the Subic Bay Port Project worth P7 billion," she said.
Other infrastructure projects in the pipeline this year include: the upgrading of the Diosdado Macapagal International Airport worth P24.9 billion; South Luzon Expressway-Alabang viaduct, Calamba-Sto. Tomas worth P1.96 billion; McArthur Highway widening (P1.33 billion); STAR-Lipa Batangas (P1.49 billion); and Metro Rail Transit (MRT)/Light Rail Transit (LRT) Loop worth an estimated P11.2 billion.
Infrastructure and infrastructure-related projects have been cited as important elements not only for economic growth but also critical factors in enticing foreign investments.
More infrastructure development could result in faster movement of goods, cheaper transport costs, increased commerce in affected provinces, and even attract tourism.
Cororaton added sustaining investor interest in mining and information and communication technology (ICT)-related services would also mitigate a possible growth slowdown.
The threat of uncontrolled price increases in world oil prices, higher interest rates, and a slowdown in the world economy are the factors seen to weigh down on the country’s economic growth.