Include ‘enhanced Build, Build, Build’ in economic stimulus strategy — Salceda
MANILA, Philippines — Albay 2nd District Rep. Joey Salceda is pushing for the inclusion of an “enhanced Build, Build, Build” program in the country’s economic stimulus strategies in response to the coronavirus pandemic.
Salceda, who chairs the House committee on ways and means, underscored that “infrastructure remains one of the most powerful economic stimulus tools – especially if you can finish it on time.”
The lawmaker said that every P200 billion in infrastructure can create up to 463,000 jobs on the year it is spent.
“Conversely, since the government is now the sole driving force of demand, a P200 billion cut in infrastructure will [cut] 463,000 jobs,” Salceda said in a statement.
“As an output multiplier, it is significant. It will also stave off part of the job losses we may incur because of COVID-19. It will definitely have to be part of the policy mix,” Salceda added.
Salceda explained that the economic multiplier of infrastructure can be as high as 3.66, while its Year 1 multiplier can be as high as 1.02.
“This suggests that for every peso spent on infrastructure an additional peso is generated in consumption and investment,” the lawmaker said.
The lawmaker proposed that high economic value, the feasibility of finishing within President Duterte’s term, and a high potential for job creation can be used as criteria in the prioritization of infrastructure projects.
Salceda likewise recommended the passage of his proposed Build, Build, Build emergency powers which seeks to “expedite the completion of high-value projects and frontload economic gains.”
“To enable the spillover effects of fully operational infrastructure sooner, the House of Representatives must consider passing some iteration of House Bill No. 5456, which grants the President special powers to expedite Build, Build, Build. This representation is prepared to recalibrate the bill to better suit the needs of the infrastructure agencies,” Salceda said.
“We propose that the sectoral focus of Build, Build, Build be the following: Health investments, especially for Universal Health Care, Infrastructure supportive of creative industries, Infrastructure for Public Schools of the Future,” the lawmaker added.
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