ADB supports “Build, Build, Build” program thru US$ 100 million loan

By APD writer Melo M. Acuna

MANILA, Oct. 30 (APD) – The Asian Development Bank’s board of directors approved a US$ 100 m loan for the Infrastructure Preparation and Innovation Facility, which will support the Philippine government’s delivery of high quality public infrastructure projects under what has been described as ambitious “Build, Build, Build” program.

In a statement released today, the ADB said the facility will assist two important agencies, the Departments of Transportation and Public Works and Highways in their preparation of flagship infrastructure projects under the Build, Build, Build program using international best practices.

It is estimated to spur US 3.8 billion in public infrastructure investments in national roads, railways, bridges, flood control, ports and airports which will add as much as US 10 billion to the country’s gross domestic product (GDP) from 2019 to 2024.

“The flagship infrastructure projects under the ‘Build, Build, Build’ program will spur economic growth and improve people’s living standards as better infrastructure will lower the cost of doing bsuiness, shorten travel times and usher in more economic opportunities in remote areas,” said Richard Bolt, ADB country director for the Philippines.

He added people will have easier access to education, healthcare, and other social services.

He explained the ADB looks forward to working with the government to develop a timely, high-quality project preparation process for effective, innovative infrastructure projects in the Philippines.

The widely-publicized Build, Build, Build program is the centerpiece of President Rodrigo Duterte’s 10-point socio-economic agenda as it aims to increase public investment and accelerate infrastructure delivery.

Infrastructure public spending is expected to reach 7.4% of GDP by 2022 from 5.3% in 2017 and less than 3% from 2010 to 2016.

The new loan package with the recently-approved US$ 5 million technical assistance grant serves as a catalyst for the government’s project management and monitoring system.

According the the statement, the new loan will strengthen the government’s project facilitation and monitoring systems, reducde infrastructure bottlenecks and help relevant agencies to systematically monitor project progress and address operational issues at every stage of project planning, construction and operation.

It was learned the facility builds upon ADB’s experience in supporting the Public-Private Partnership (PPP) Center for the Philippines which has boosted the government’s ability to identify, finance and implement PPP projects.

The total cost of the facility is US 164.06 million with the Government of the Philippines contributing some US 64.06 million.

The project is expected to be finished by second quarter of 2021.

(ASIA PACIFIC DAILY)