PURISIMA SEEKS CONGRESS BACKING FOR NEW INFRASTRUCTURE CORP BODY
MANILA, August 23, 2004 (STAR) By Marianne V. Go - Trade and Industry Secretary Cesar V. Purisima is banking on Congress’ support for the newly-created Philippine Infrastructure Corporation (PIC).
In a recent presentation to members of the Lower House, Purisima explained the creation of the PIC and its objective of jump-starting infrastructure projects.
Purisima assured that while government funds would initially be used for crucial infrastructure projects, the PIC would ensure the initial implementation and eventual privatization of such projects.
He further assured that the PIC would be essentially a management corporation tasked with handling conceptualization, financing, implementation and privatization of crucial infrastructure projects.
The PIC, however, would have not operating arm.
PIC projects, Purisima said, would be those with a high potential to generate multiplier effects and would be income generating.
Purisima pointed out that government needs to attract more investments to engage in productive activities that would boost the local economy.
He stressed that to attract investments, government must also provide the necessary infrastructure.
But because of its current budgetary difficulties, the National Government would have difficulty in allocating resources for crucial infrastructure projects.
The PIC, therefore, would be able to channel resources to crucial infrastructure projects.
Reported by: Sol Jose Vanzi
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