{"id":11703,"date":"2021-03-23T10:22:17","date_gmt":"2021-03-23T03:22:17","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11703"},"modified":"2021-06-04T16:10:24","modified_gmt":"2021-06-04T09:10:24","slug":"the-philippines-infrastructure-projects-delay-due-to-virus-spike","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/the-philippines-infrastructure-projects-delay-due-to-virus-spike\/","title":{"rendered":"The Philippines’ recent virus spike prompt further delay in infrastructure projects"},"content":{"rendered":"

Infrastructure projects under the<\/span>\u00a0<\/span>\u201cBuild, Build, Build,\u201d program would lead to jobs and economic activities\u00a0<\/span>that could uplift the\u00a0<\/span>economy<\/span>\u00a0<\/span><\/p>\n

\"\"
Existing protocols need to be enforced fully to prevent COVID-19 from spreading further. Location: Manila, Philippines. AntonioV.Oquias\/Shutterstock<\/figcaption><\/figure>\n

As reported on Inquirer.net<\/a>, the latest spike in COVID-19 cases\u00a0<\/span>in the Philippines\u00a0<\/span>may delay the completion of big-ticket infrastructure projects once again,<\/span>\u00a0as the country\u2019<\/span>s chief economist said protocols must ensure that the virus does not spread among construction workers.\u00a0<\/span>\u00a0<\/span><\/p>\n

Karl Kendrick Chua, acting\u00a0<\/span>socioeconomic<\/span>\u00a0<\/span>planning<\/span>\u00a0secretary, said, \u201cThere is a higher risk now given the spike, so it will affect various activities, including infrastructure. But once the risk is managed, we expect it to return to a more regular level.\u201d\u00a0<\/span>\u00a0<\/span><\/p>\n

Chua, who also heads the state planning agency National <\/span>Economic<\/span>\u00a0and\u00a0<\/span>Development<\/span> Authority (Neda), added that existing protocols need to be enforced fully to prevent COVID-19 from spreading further, while infrastructure construction\u00a0<\/span>proceed<\/span>s.<\/span>\u00a0<\/span><\/p>\n

Despite the ongoing pandemic, Secretary\u00a0<\/span>Vivencio<\/span>\u00a0Dizon, presidential adviser on flagship programs and projects<\/span>, said the infrastructure projects under the \u201cBuild, Build, Build\u201d program were still ongoing implementation. The economic team has been optimistic that this initiative would<\/span>\u00a0result in jobs and economic\u00a0<\/span>activities<\/span>\u00a0that would boost the economy.<\/span>\u00a0<\/span><\/p>\n

The current \u201cBuild, Build, Build\u201d p<\/span>ipeline\u00a0<\/span>includ<\/span>ed 104 projects valued at PHP4.13 trillion\u00a0(USD85 million), and Dizon said that the N<\/span>eda Board-led committee on infrastructure (<\/span>InfraCom<\/span>) will revisit the progress of big-ticket projects by end of March. <\/span>\u00a0<\/span><\/p>\n

The government also plans to renegotiate the terms of public-private partnership (PPP) projects and perhaps extend their contracts to allow private firms to <\/span>pick up\u00a0<\/span>their\u00a0<\/span>investments, considering the economic \u201cnew normal\u201d brought upon by the pandemic.\u00a0<\/span>\u00a0<\/span><\/p>\n

Dizon explained that extending PPP projects\u2019 terms will allow for investment recuperation as \u201cit will probably take a couple of years for demand to normali<\/span>se<\/span>.\u201d<\/span><\/p>\n

Another possible assistance to private proponents would be for the government to delay its share of revenues until such projects\u2019 operations\u00a0<\/span>normalise<\/span>.\u00a0<\/span>The government has budgeted PHP1.17 trillion, or 5.9 percent of GDP, for infrastructure spending this year.\u00a0<\/span>\u00a0<\/span><\/p>\n

More: Vaccines trigger growth opportunities for the Philippines\u2019 real estate market<\/strong><\/a><\/p>\n

Public infrastructure expenditure was sacrificed last year\u00a0to fight the health and socioeco<\/span>nomic crises induced by the pandemic.\u00a0<\/span>\u00a0<\/span><\/p>\n

In last week\u2019s report, the Beijing-based multilateral ender Asian Infrastructure Investment Bank (AIIB) <\/span>noted the slow implementation and loan disbursement for the massive flood control project it was\u00a0<\/span>co-financing<\/span>\u00a0in Metro Manila<\/span>\u00a0<\/span>due to the extended quarantine.\u00a0<\/span>\u00a0<\/span><\/p>\n

\u201cProject implementation has been progressing slower than originally agreed on timelines. The modernisation of one pumping station, Balut, progressed well until the enhanced community quarantine was put in place on March 16, 2020. The extended COVID-19 lockdown has significantly impacted the project progress, particularly the procurement process over the first half of 2020,\u201d the AIIB said in its updated monitoring report for the Metro Manila flood management project.<\/span>\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Infrastructure projects under the\u00a0\u201cBuild, Build, Build,\u201d program would lead to jobs and economic activities\u00a0that could uplift the\u00a0economy\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21091,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[1168,209,403,129],"class_list":["post-11703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-boost-economy","tag-construction","tag-infrastructure","tag-philippines","news_country-philippines","news_author-property-report"],"acf":[],"yoast_head":"\nThe Philippines' recent virus spike prompt further delay in infrastructure projects | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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