Olongapo SubicBay BatangGapo Newscenter

Tuesday, March 20, 2007

PGMA to invest P1 trillion on infrastructure and social services programs

President Gloria Macapagal-Arroyo announced Tuesday that for the next three years until the end of her term in 2010, the government will invest P1 trillion on infrastructure and social services programs to ensure that the Philippines will continue to be an attractive investment destination for both foreign and local investors.

The President made the announcement in her speech at the inauguration this afternoon of the newly constructed Col. Jesus R. Lapus Memorial Sports Complex in this town.

"For the next three years (until the end of my term in 2010), we will invest P1 trillion on (various) infrastructure and social services (programs)," the President said in the Kapampangan dialect.

The Chief Executive said once these infrastructure and social services programs are implemented, the benefits to the economy in the form of more foreign and local investments will start pouring in.

"Para maka-agapay tayo sa mga kailangang imprastraktura, at sa imprastraktura naman ay naka-suporta ang ating ekonomiya at ito naman ay nakaka-attract ng maraming investments," the President stressed.

She pointed out that due to the modernization and widening of the North Luzon Expressway (NLE) and the soon-to-be-completed Subic-Clark-Tarlac road project, numerous investors have started investing in Central Luzon provinces such as Pampanga, Tarlac and Zambales.

She said these two major road projects have bridged the distance choking the business transactions between Metro Manila and Central Luzon, where the Clark Freeport Zone and the Subic Freeport Zone are located.

"Now call center (businesses) and factory and manufacturing plants (that used to be concentrated in Metro Manila) have branched out to the outer regions because Clark (and Central Luzon) is now closer to Metro Manila by way of the NLE," the President said.

She said the P1-trillion investment on infrastructure and social services programs would be sourced from the financial gains garnered from the tough economic reforms implemented by her administration.

The reform measures include the Expanded Value-Added Tax (E-VAT) Law which raises the rate of VAT imposed on goods and services from 10 to 12 percent and the National Attrition Law which pushes revenue generating agencies of the government to reach their collection targets or face stiff penalties. (PNA)

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