Many investors are excited to enter the zone of Central Luzon because it is the fastest growing region in the country, next to Region 11.
“At present, Region 3 is growing at 9 percent, which is 2 percent above the national average Gross Domestic Product (GDP) growth that is 7 percent,” Bases Conversion and Development Authority (BCDA) President and Chief Executive Officer Vivencio Dizon disclosed during the recent third leg of the Clark Development Stakeholders’ Roadshow.
“These investors coming from Japan, China and even the European Union, are very enthusiastic in coming to these areas because they see that the government is ready to allot funding for the various interconnectivity infrastructure, which are needed by the business folk for their investments to flourish,” explained Dizon.
Furthermore, the BCDA Chief disclosed that the administration of President Rodrigo Duterte, in its first budget, has allocated roughly Php800 billion for infrastructure, which is double the average funding allocated by the past administrations.
For the longest time, Dizon admitted that the Philippine government has taken for granted the crucial role of infrastructure in the country’s development.
“Our neighbor countries here in Asia such as Singapore, Hong Kong, Malaysia, Indonesia and even Vietnam have left us behind in terms of infrastructure. This is exactly why President Rodrigo Duterte has been consistently pressing us [BCDA] on the Build Build Build Infrastructure program initiated by his administration,” he said.
He added that business folks invest where they can see infrastructure being put up now and in the near future.
“The more the infrastructures, the faster the GDP growth of the region, and growth means jobs, investments, technology and innovation,” Dizon stressed. (PIA 3)