Infrastructure is one of the most essential economic development accelerators and is crucial for eliminating poverty, protecting communities, and improving living standards. During the previous administration, the Build, Build, Build (BBB) Program, aimed at accelerating public infrastructure development in the country, was focused on key sectors of the Philippine economy, with transport and mobility as the highest priority and allocation of budget.
Under the current administration, Build, Better, More (BBM) from its previous iteration of BBB seeks to further expand the country's flagship infrastructure program. The BBM program targets infrastructure spending to reach 5 to 6% of GDP annually and aims to aid the country in gaining high-trajectory growth of 6.5 to 8.0% of GDP in the medium term. The Philippine government also takes the direction of prioritizing infrastructure that would benefit the government's food security program amidst the looming crisis of basic necessities caused by soaring inflation.
Notwithstanding the exciting developments in the sector, a lot has still to be done to strengthen the industry development. According to the 2022 World Competitiveness Yearbook published by the International Institute for Management Development (IMD), the Philippines continues to trail behind in terms of infrastructure competitiveness, with an overall rank of 57th out of 63 economies. Out of 14 Asia Pacific countries that are included in the report, the Philippines ranked 13th in infrastructure competitiveness. For the country, the infrastructure pillar is the lowest among the competitiveness factors, particularly with respect to health and education infrastructure.
On this account, the European Chamber of Commerce of the Philippines (ECCP) invites its members and partners to a luncheon meeting with our keynote speaker, Department of Public Works and Highways Secretary Manuel Bonoan, as he bares the priorities of the Agency as well as the plans for public-private partnership projects. Likewise, this luncheon also intends to unveil the initiatives of the government's biggest infrastructure arm in promoting infrastructure aid for food security and sustainability. This event will also provide a hybrid platform for the European-Philippine business community to discuss potential areas for cooperation with the government.