PHL seeks more AIIB-funded infra projects

The Philippines is now seeking additional funding from the Asian Infrastructure Investment Bank (AIIB) for big-ticket infrastructure projects, the Department of Finance (DOF) said Wednesday.

Finance Secretary Carlos Dominguez III said the Philippines intends to have more AIIB funding beyond the Metro Manila Flood Management Project.

“We are hopeful that with the approval of the funding for this project, the AIIB would find it feasible to invest in other big-ticket infrastructure projects under the Duterte administration’s ‘Build, Build, Build’,” Dominguez said in a statement.

The AIIB and the World Bank agreed to co-finance the $500-million flood control management project which will modernize 26 pumping stations and build 20 new ones in Metro Manila.

Dominguez has pitched three other projects for possible AIIB funding:

• Metro Manila Bus Rapid Transit System (Phase 3 from Bonifacio Global City to Ninoy Aquino International Airport)

• Pasacao-Balatan Tourism Coastal Highway in Camarines Sur

• Camarines Sur Expressway Project (San Fernando-Pili Section)

“The Philippines understands the urgency of building up our infrastructure base ... We subscribe to the objective of enhancing regional connectivity. We grasp the strategic importance of developing the Southeast Asian region as a strong base for trade,” Dominguez said.

Under the Build, Build, Build program, the government plans to spend over P8 trillion on infrastructure projects until 2022, largely funded by tax revenue. —VDS, GMA News