MANILA, April 13 (Xinhua) -- Philippine President Rodrigo Duterte's top economic officials, together with the central bank governor, presented on Friday the government's development strategies for the medium term before businessmen and other stakeholders from Central and Northern Luzon.
Finance Secretary Carlos Dominguez, who heads the economic team, said Clark will be a major alternative growth driver for the country amid massive investments lined up for the area.
He said the Duterte administration is undertaking at least three flagship infrastructure projects under its "Build, Build, Build" program as the linchpin of its strategy to develop major alternative growth areas in Central and Northern Luzon.
The Duterte administration is keen on achieving a more inclusive economic growth mainly through higher investments in infrastructure and social protection programs, more so in areas outside Metro Manila, as well as comprehensive reform of the tax system.
At the forefront of the growth strategy is the "Build, Build, Build" program, which included the 15.35-billion pesos (roughly 295.16 million U.S. dollars) Clark International Airport New Terminal Building Project.
The project, which broke ground in December 2017, will allow the airport to accommodate 8 million passengers yearly from the current designed capacity of 4.2 million.
Transportation Secretary Arthur Tugade said it is among a list of big-ticket transportation projects meant to boost growth all over the country.
Bases Conversion and Development Authority President and chief executive officer Vince Dizon said New Clark City will house the national government administrative center, where government offices will operate.
It is also seen to house technology companies, among other private sector investors, as well as world-class sports facilities, hospitals, schools, and retail and commercial centers, Dizon said.
Public Works and Highways Secretary Mark Villar said the transportation projects will be complemented by equally massive road projects. Among these is the Luzon Spine Expressway Network, which will extend the High Standard Highways in Luzon from 385 km to 1,040 km.
Nestor Espenilla, governor of the Central Bank of the Philippines, enumerated the Central Bank's initiatives over the medium term that are seen to help provide an environment conducive to robust, sustainable, and more inclusive economic growth.
These included foreign exchange liberalization, financial inclusion efforts, development of the domestic debt market, and digitization of finance, among others.
With all of these initiatives, the Philippines will remain among the fastest growing economies in Asia, Economic Planning Secretary Ernesto Pernia said.
The government has set the targets of economic growth at 7 to 8 percent up to 2022, and the reduction of poverty incidence from 21.6 percent in 2015 to 14 percent in 2022.