BY ONLINE BALITA NEWS Team
Finance Secretary Benjamin Diokno highlighted Mindanao’s unique position to boost the country’s economic progress during the Philippine Economic Briefing (PEB) in Davao with the theme, Agenda for Prosperity: Economic Transformation toward Inclusivity and Sustainability.
“From infrastructure to tourism to clean energy, the island of Mindanao is uniquely positioned to power the country’s economic progress and lead our transformation journey in the years ahead,” Diokno said.
To empower the region, the Department of Finance (DOF) has been working closely with international development partners to secure financing for its economic reforms, food security, infrastructure, climate adaptation and mitigation, disaster resiliency, post-conflict rehabilitation, as well as peace and development.
The country currently has 194 high-impact infrastructure flagship projects (IFPs) in the pipeline, 76 of which are located in Mindanao with an indicative total cost of PHP 2.4 trillion.
These include projects to ease congestion and improve connectivity in the region, such as the Davao Public Transport Modernization Project, Mindanao Railway Project, Samal Island-Davao City Connector Bridge, Davao City Expressway, and Panguil Bay Bridge.
Apart from these, Diokno stressed the need to increase airport capacity––a critical factor in revitalizing tourism.
According to a report by S&P Global, international tourism spending was estimated at PHP 549 billion, while domestic tourism spending was estimated at PHP 3.1 trillion. Therefore, the recovery of domestic tourism could be a significant growth driver in 2023 due to its share in the overall contribution of tourism to gross domestic product (GDP).
Dubbed as the Land of Promise, Mindanao has massive potential for mining of critical minerals and renewable energy (RE) such as hydroelectricity, geothermal, wind, and solar power.
Secretary Diokno, along with Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, National Economic and Development Authority (NEDA) Undersecretary Joseph J. Capuno, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila, Jr., and Vice President for Philippine Chamber of Commerce and Industry (PCCI) Mindanao Arturo M. Milan participated in a panel discussion on a fast-growing and forward-looking economy.
Secretary Pangandaman gave an overview of the 2023 national budget, which has been disbursed at 90 percent as of June 30, 2023. On August 2, 2023, the DBM also submitted its proposed 2024 national budget of PHP 5.768 trillion, which is 9.5 percent higher than the 2023 budget.
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