PHILIPPINE Transportation and Communications Secretary Manuel Roxas II is urging the banking sector to fund infrastructure projects under the Aquino administration, noting that these are all on track.
“Let me just assure everyone that contrary to some misleading commentary, the President’s programs are on track and on schedule,” Roxas said during the recent Chamber of Thrift Banks general membership meeting in Makati City.
“Some of these projects happen faster or slower because we need to follow necessary feasibility study and administrative steps to ensure that we’re able to do our work most efficiently, at the fastest pace, at the least cost to the taxpayer and to the users,” Roxas added.
“Our projects maybe the way to go for banks, especially those located in municipalities to finance local projects.”
The Department of Transportation and Communications is working with various agencies such as the Department of Tourism to find cost-effective means to allocate resources in airports with the highest potential for tourist arrivals.
The banking sector’s active participation in government projects will have significant effect on the economy, Roxas said. Transportation facilities have their own way of increasing economic activity, of increasing the velocity of circulation of money, he added.
Among projects that could benefit from local financing are the planned construction of airports in Puerto Princesa in Palawan, Panglao in Bohol, and Daraga in Albay.
The Laguindingan Airport project in Misamis Oriental is also expected to support agriculture and manufacturing industry’s growth in Mindanao.
“These projects will have multiplier effect and result in more stores and commercial establishments, more factories and industrial plants built, hence the creation of more jobs for rural folks. It will result in more consumers spending in the localities where these projects are located,” Roxas said.
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