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PIA Press Release

Davao to benefit from economic resiliency plan

by R Alama

Davao City (12 March) -- The government's Economic Resiliency Plan or ERP which aims to mitigate the global economic slowdown is expected to benefit the Davao region with a major infrastructure projects for 2009.

Budget Secretary Roldando Andaya Jr. during a presentation by Philippine Economic managers at the Marco Polo Hotel Davao last Wednesday (March 11) said that Government has room to frontload 60 percent of its infrastructure development to P100 billion.

The infrastructure fund for 2009 is higher than the P33-billion infra fund allocated in 2008. According to Andaya, the ERP aims to fast-track government spending and further stimulate the economy while an increasing lower proportion will be used for debt interest payments.

Among the infra projects lined up for the region includes the Rehabilitation/ improvement of the Surigao-Davao coastal road, the Kapalong-Talaingod-Valencia Road Junction Circumferential Road located in the provinces of Davao del Norte and Bukidnon and the reconstruction of Baganga Bridge and Approaches along Davao Oriental-Surigao del Sur Coastal Road in Davao Oriental.

According to National Economic Development Authority Secretary Ralph Recto, the infrastructure projects will be fast-tracked by increasing the absorptive capacity of the agencies namely by channeling resources to small projects that have the potential to generate employment quickly and are easy to implement.

Other measure in fast-tracking these projects include the close monitoring of the projects' implementation which would ensure the efficient allocation of resources.

Recto says these infra projects coupled with other employment programs are expected to generate more than 800,000 new jobs and to support the target of a 3.7 to 4.4% Gross Domestic Product growth rate.

In Davao Region GDP growth target was pegged at 4.9 to 5.9% among those industries that Recto pointed out would support the region's growth in complementation with the Government's infra projects include the Business Processing-Information Communication Technology (BPO-ICT) sector, trade, construction and agribusiness. (PIA XI) [top]

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