Finance Secretary Carlos Dominguez III believes that accelerating the “Build, Build, Build” infrastructure programs will offset the declining demand and supply in the domestic economy due to the global coronavirus crisis.
Sec. Dominguez, when jobs are created, will impact the country’s economy and boost local consumption as the people earn and have money available.
According to Sec. Dominguez, the resumption of construction on “Build, Build, Build” projects especially in rural areas is the best way to boost the economy due to the high multiplier effects of infrastructure spending such as raising revenue, boosting demand and creating jobs. new jobs and businesses.
Sec. Dominguez said that apart from economic recovery, the “Build, Build, Build” program will also fix the country’s poor infrastructure and logistics network, which has caused investors to lose their production and operational costs.
“The main problem of our economy now, as (Acting Socioeconomic Planning Secretary) Karl (Kendrik Chua) mentioned earlier, is liquidity because people have not worked. They have no cash and are therefore, illiquid. And when you have no cash, you don’t buy things. And when you don’t buy things, people don’t manufacture these things. So it’s a vicious circle, ”said Sec. Dominguez.