Philippines: 83% of ‘Build, Build, Build’ funding to come from borrowing not tax reform, says Angara – 3 Oct 2017

  • Sen. Juan Edgardo Angara emphasized on 2 Oct 17 that the government’s ambitious infrastructure program would not be severely affected if the Department of Finance’s version of the tax reform bill would not be passed by Congress.
  • According to Angara, around 84% of the funds needed for the government’s “Build, Build, Build!” infrastructure program would not come from revenues to be generated by tax reform, contrary to the “exaggerated claims” of some officials of the executive department that the projects would be severely affected if the Senate’s version would not be close to the House-approved measure.
  • During the plenary debates on Senate Bill 1592, it was revealed that PHP5.6tr of the PHP8.3tr needed to fund the government’s infrastructure projects over the next five years would come from local and foreign borrowings such as official development assistance and private-public partnerships.

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