Search
Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Department of Finance seeks additional AIIB financial support for Philippine infrastructure projects

Victoria Government to invest funding on accelerators that will aid startups through LaunchVic
Victoria Government to invest funding on accelerators that will aid startups through LaunchVic

An announcement
made by the Department of Finance (DOF) highlighted how Sec Dominguez sought
financial assistance from the Asian Infrastructure Investment Bank (AIIB) for
other big-ticket infrastructure projects emphasising the urgency in developing
the physical and digital infrastructure of the Philippines.

DOF Secretary Carlos Dominguez III has
sought the support of the AIIB in funding other big-ticket infrastructure
projects program following the institution’s approval last year of its first
project in the Philippines in partnership with the World Bank.

Emphasis on the urgency of developing both
the physical and digital infrastructure of the Philippines was done by Sec Dominguez.

He also urged emerging economies in Asia to
hasten the development of a common market across the region and transform
Southeast Asia into a strong base for trade.

During the Asian Infrastructure Forum (AIF)
seminar on “Advancing Together: ASEAN Infrastructure Development”, he said, “A
dynamic regional common market will provide our economies a strong base to
build competitive industries and profitably trade with the rest of the world.
An emergent Southeast Asia will complement the mature economies of East Asia
and the rapidly growing Indian subcontinent.”

The Asian Infrastructure Forum (AIF)
seminar was held at the Experimental Theatre of the National Centre for the
Performing Arts in India.

The first phase of the Metro Manila Flood
Management Project was the first project that the AIIB has committed to
co-finance with the World Bank (WB). This project will be built to improve
flood forecasting, reduce long-term flooding and modernise pumping stations and
build new ones in the National Capital Region and its surrounding areas.

The Philippines has pitched several
projects to the AIIB for possible financing support. Some of them are the Metro
Manila Bus Rapid Transit System Phase 3 from Bonifacio Global City to Ninoy
Aquino International Airport, the Pasacao-Balatan Tourism Coastal Highway in
Camarines Sur, and the Camarines Sur Expressway Project San Fernando-Pili
Section.

The AIIB’s primary goal is to improve
infrastructure in the region. Sec Dominguez said that this “will help stimulate
economic activity in all our economies and help us build inclusive growth for
our people” in the immediate term, and “improve the interconnectivity of the
region’s economies and foster productive exchange” over the longer term.

He added, “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.”

Sec Dominguez said the government projects
public spending on infrastructure is targeted to increase to 7.3% of GDP by
2022.

He explained, “This is the highest
investment in infrastructure in our history and, as a percentage of GDP, possibly
the highest in the region.”

Sec Dominguez said the government has also
been encouraging the private sector to invest in infrastructure, citing as
examples the tollways being operated by the private sector and the expansion of
the international airport in Manila, which will be done through private
investments.

In order to hasten the execution of
projects, the Hybrid Public-Private Partnership (PPP) model is being carried
out. In this model, the government begins the implementation of the projects
and transfers their operation and maintenance to the private sector.

A recent
announcement highlighted the Philippines’ participation in the annual AIIB
Board of Governors Meeting. Sec Dominguez will be representing the country and
will be involved in the discussions in ensuring a sustainable future for Asia
through sound infrastructure investments.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.