MANILA, Philippines - The Bicol region needs P320 billion worth of infrastructure investments to contribute to the country's economic boom, Albay Gov. Joey Salceda said on Thursday.
“What drive our economy today are investments, particularly on the aspect of infrastructure but most of infrastructure investments are still concentrated in the urban areas, particularly Metro Manila,†Salceda said.
Salceda said the investments should complement tourism development projects such as the P3.4-billion Southern Luzon International Airport currently being constructed in Daraga, Albay.
In terms of tourism growth rate, Albay has posted a 49-percent growth in 2012.
Salceda said large investments are expected to come in with the positive perception that the present administration receives from the private sector.
“Investors clearly trust the presidency that projects the image of anti-corruption and this trust is manifested by bigger stakes they put in now, particularly in food manufacturing and tourism- today’s upscale industries,†he said, adding that the industry sectors improved by 31 percent this year.
He said the reason for the growth in food manufacturing is import substitution or producing locally the products what we used to import. Local products directly compete with imported goods,” Salceda said.