PBBM admin’s infrastructure program trimmed to P8.2T

Thetotal investment cost of the Marcos administration’s infrastructure flagship projects (IFPs)—which include those initiated under previous administrations— has been trimmed after the economic team weeded out redundancies, Finance Secretary Benjamin Diokno said.

“The total investment value, we used to say P9 trillion, is now estimated at P8.2 trillion,” Diokno said during his weekly press chat.

In March, the National Economic and Development Authority Board (NEDA) Board, chaired by President Ferdinand “Bongbong” Marcos Jr., approved a total of 194 IFPs worth P9 trillion, consisting of 123 “new” projects and 71 from previous administra- tions. Diokno said the administration’s economic team found “some redundancies, that’s why it was reduced…”

Meanwhile, the Finance chief said that of the total 194 IFPs, “68 projects are currently on-going implementation, 25 are approved for implementation, nine for government approval, 52 are under project preparation, and 40 are under pre-project preparation.”

Among the on-going IFPs and those approved for implementation, 19 are expected to be completed by the end of 2023.

A total 79 projects are targeted to be completed by the end of the administration’s term in 2028.

The top three sources of funding for the infrastructure program are official development assistance, which has the biggest share at P4.51 trillion; followed by public-private partnership at P2.5 trillion; and the national budget or the General Appropriations Act at P850.58 billion.

The Marcos administration is earmarking 5% to 6% of the country’s gross domestic product for its infrastructure initiative.

The Department of Agriculture (DA) said Sunday that it will impose a “cold storage price” or wholesale price of P115 per kilo for red onions and P100 per kilo for white onions.

DA Assistant Secretary Kristine Evangelista said that the cold storage price was discussed in a recent stakeholders meeting in a bid to lower the cost of the commodity in markets to P140 to P150 per kilo.

“Kung saan nila kukunin ‘yung kanilang mga sibuyas, ay mer- on tayong itinakdang presyo... Parang cold storage price po ito kasi ang sabi nga natin, ang mga sibuyas ng ating mga magsasaka ay naibenta na sa mga trader. Ang mga trader na ito ay naglagay sa cold storage facility,” she said. (We have set a price on where the retailers get their onion supply. This is like a cold storage price as farmers sell their harvest to traders and the traders are the ones who put the harvest in cold storage facilities.)

“Ang cold storage price ay

P115 para sa red onions at P100 para sa white onions. ‘Yan ang presyo para makarating sa ating mga retailers ng tama para maibenta nila at P150 at P140,” she added.

(The cold storage price is P115 for red onions and P100 for white onions. That’s the wholesale price for the retailers so they could sell the onions at P150 and P140 in markets.)

Evangelista said the traders themselves have agreed to post

The 9th edition of the Philippine Property and Investment Exhibition (PPIE) and the inaugural Philippines Economic & Investment Summit (PEIS) have concluded in Dubai, United Arab Emirates (UAE) on a resounding note with an impressive turnout of thousands of attendees, including high-level delegates from both the Philippines and the UAE.

The event, held at the Radisson Blu Hotel, Deira Creek, Dubai from May 12 to 13 showcased a wide range of properties in the Philippines, including residential, commercial, and industrial options.

Foreign investors were drawn to opportunities in such sectors as infrastructure, renewable energy, IT, logistics, manufacturing, agriculture, stocks, mutual funds, insurance, and real estate investment products (REIP) in the country.

The event’s forums and panel discussions covered various facets of real estate investment, incentive updates, and Philippine economic forecasts.

One of the event’s highlights was the keynote presentation of Interior and Local Government Secretary Benjamin Abalos, which shed light on the Philip- pine government’s strong commitment to transparency, good governance, facilitating a business-friendly environment, as well as fostering a well-rounded experience of living, working, and enjoying life in the Philippines.

“We are thrilled about the exceptional economic prospects that lie ahead of us. Our goal is to enhance the ease of doing business, governance, and processes at all levels, from grassroots to industries. This commitment will ensure a seamless and efficient business environment. We would like to express our deepest gratitude to the people of the UAE for their unwavering belief in our country and for making us immensely proud to be Filipinos,” Abalos said.

“The most valuable capital we possess here is our people. With the government providing essential regulatory support, they act as the catalyst for attracting investments. I extend my heartfelt appreciation to Dr. Karen Remo for her proactive initiative in this regard. This endeavor serves as yet another avenue through which we strengthen and promote our bilateral relations,” said Philippine