Category : Press Release
Date : September 18, 2018
Agency : Investor Relations Office
Title : PH Econ and Infra managers hail golden age of infrastructure to usher-in increased PH economic growth
Article : In a Philippine Economic Briefing (PEB) held Tuesday, 17 September 2018 at the Assembly Hall of the Bangko Sentral ng Pilipinas (BSP), the country’s top economic and infrastructure officials addressed over 350 guests from banks and other financial service organizations.

Secretary of Finance Carlos G. Dominguez, Socioeconomic Planning Secretary Ernesto M. Pernia, Budget Secretary Benjamin E. Diokno and BSP Deputy Governor Diwa C. Guinigundo each presented macroeconomic updates.

The economic management team expressed collective confidence in the continued growth of the Philippine economy, citing decisive governance and vital policy reforms.

On the monetary and financial sector, the BSP’s initiatives: digitization of financial transactions, liberalization of foreign exchange and efforts to develop the domestic capital market were highlighted.

Secretary Diokno of the Department of Budget and Management shared the government’s budget reforms, citing in particular, a shift to a cash-based budgeting system seen to enhance efficiency and speed of delivery of public services and projects.

The implementation of landmark laws and other policy reforms to further strengthen institutions, and pave the way for an environment more conducive to investments and inclusive economic growth were also discussed.

Game-changing laws enacted recently include the (1) Tax Reform for Acceleration and Inclusion or TRAIN), (2) Ease of Doing Business Act, (3) Bangsamoro Organic Law or BOL, (4) National ID System law, and (5) Personal Property Security law.

During the second part of the PEB, Transportation Secretary Arthur P. Tugade, Public Works and Highways Secretary Mark A. Villar, and Bases Conversion and Development Authority (BCDA) President Vivencio A. Dizon delivered updates on the government’s infrastructure initiatives under the “Build Build Build” program.

Details on railway systems, airports, inter-island connector roads, expressways, and development of alternative growth hubs, such as New Clark City being built north of Metro Manila were shared. These infrastructure projects aim to significantly improve mobility, ease traffic congestion, and unleash the growth potential of areas outside key cities.

Question and answer sessions on both the macroeconomic and infrastructure portions of the PEB were held where the invited local and regional bank analysts, portfolio strategists, and economists were given the opportunity to learn more about the Philippine Government’s initiatives to usher the golden age of infrastructure and economic growth.

The PEB acted as a channel of communication between economic and infrastructure agencies, investors and other stakeholders to raise awareness on the country’s sound economic fundamentals and sustainable growth path.