Spain investing on PH infrastructure: Special emphasis on rail projects
Spain constructed the first Railways network more than two centuries ago. Hence, not surprisingly, they still harbor an interest in the unique nation which consists is over 7100 islands.
Consequently, the Spanish investors are making some headway in constructing the Railways The concerned authorities of Spain and the Philippines are signing contracts to that effect.
The two governments agreed to sign agreements to enhance in financial and economic projects. The interest of the investors in Spain is more on taking up construction on Railway projects in the Philippines.
They agreed to the proposed signing of contracts on Wednesday as per a statement issued by the Department of Finance. The Secretary of Finance the agreed, in a meeting with Spanish Ambassador to explore and discuss the areas of cooperation.
Carlos G Dominguez III, the Secretary of Finance of the government of the Philippines discussed the Memorandum of Understanding that they will sign shortly. Once done, it will be another bright chapter of cooperation and development for the Filipinos.
The MOU will seek to explore the immediate fields of cooperation while extending it to more areas. The new areas of cooperation envisaged by the two countries are:
• Disaster Risk Financing,
• Water infrastructure,
• Industrial sector,
• Energy sector including services,
• Agricultural sector,
• Climate Finance, and
• Environmental Financing.
This is only the tip of the long list that the Spaniards spoke about. They were very keen. In this, the priority area was rail construction projects.
To support the claim, the Ambassador of Spain to the Philippines, Castano, invited the attention of the Finance Secretary to the Spanish Rail Networks.
The Rail network in Spain is the second largest network in the world; China’s network is biggest.
The disaster response systems that were in place in Spain to meet the emergency needs during natural calamities were quite effective and the same was offered by the Spanish government to the Filipinos to alleviate the suffering of the people of the coastal regions.
Castano proposed to install the Disaster response Systems in Albay and 15 other provinces. The Spaniards modeled these facilities on the same lines as the Spanish response systems.
The project envisaged strengthening of the large number of hospitals, evacuation centers that were fortified to bear the onslaught of nature. They would also train the common people in responding post-haste to warnings.
In effect, a wholesome, effective disaster response infrastructure would be in place soon.
List of provinces
As revealed by the Department of Finance a veritable program of providing grants and loans. Arranged by the International Development Cooperation Agency (AECID) of Spain, it would facilitate the setting up of the replicated Disaster Response Systems.
The provinces are:
• Camarines Sur,
• Benguet,
• Surigao del Sur,
• Zambales,
• Capiz,
• Quezon,lanao del Sur,
• Davao Oriental,
• Southern Leyte,
• Abra,
• Maguidanao,
• Isabela,
• Iloilo,
• Cagayan,
• Quezon, and
• Pangasinan.
In return for the generous offer of assistance by the Spanish government and businesses. Additionally, the Finance Secretary expressed the gratitude on behalf of the government of the Philippines for the Official Development Assistance (ODA) that they had offered.
Furthermore, he thanked the Spaniards for extending help for projects in Muslim Mindanao region. The areas neglected in the past received support from President Duterte. He is planning to develop these backward provinces.
Therefore, Secretary Finance also thanked the Spanish government to be a regular contributor to the ODA to the Philippines. He quoted the National Economic and Development Agency (NEDA) that Spain had provided $27.23 million as ODA till April.
Consequently, it also meant that the proposed MOU would also augment the ODA to provide additional grants for Bicol and Mindanao regions. Here again, it was the 10-point socioeconomic agenda of President Duterte that earned the support of Spain.
Further, Castono stated to the DOF that the proposed program of President Duterte would ensure the social rights to all. In addition, the government-drafted proposed Tax reforms recently also earned the support of Spain, Castano said.
Finally, the presentation of the proposed Tax reforms to the Congress is in a few days’ time. As a result, it would generate additional revenue to the tune of P 600 billion till 2019 while rationalizing the tax structures for all slabs.
Umrao singh umraoz.wordpress.com
Friday, 23 September 2016
Written for: Lars-Magnus Carlsson www.thephilippinepride.com
