LAPSUS Calami tells us that the country’s debt is now at a record high of P10.9 trillion. For those of us who find it difficult to understand what this means, P10.9 trillion is equivalent to an indebtedness of P100,000 for every man, woman and child.
Yikes!
The build, build, build concept was unveiled in pre-pandemic 2018. This has turned out to be prescient and has meant that when the pandemic struck, there were many projects ready for implementation. The general consensus is that we should not be afraid to spend money on job generating projects.
I agree.
The problem as I see it, however, is how do we determine which projects are viable and which are not. My reflex is that most projects which are being discussed are good for the Nation.
Concern has been expressed about the potential Panay-Guimaras-Negros bridge project. Some want to proceed whereas others are not so sure. What we are not seeing is an articulate dialogue, either for or against.
There is talk about ‘cost-benefit analysis’. But how are the benefits quantified? If we cannot realistically quantify the benefits, then surely we are not in a position to rigorously either accept or reject the project.
My view is that it is easy to underestimate the benefits.
Many extended families have strong links in both Negros and Panay. But the sea crossing is a formidable obstacle to many. Safety is a paramount concern. Therefore, there is a “slow foot” attitude towards undertaking the crossing. If the Panay-Guimaras-Negros were approved and built, there would a huge two-way traffic with enormous benefits.
But how large?
I have no idea.
It would help us understand if those responsible for estimating could reveal their calculations. The National Economic Development Authority (NEDA) could help the dialogue if its reports could be made generally available.
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The private sector is also not afraid to undertake huge projects.
San Miguel Corporation (SMC) is beginning an enormous airport project in Bulacan. The cost is estimated to be P735 billion. SMC president Ramon Ang has said that the project would be completed by the end of the term of the next administration, June 2028.
For those who are bold enough to undertake the big projects are usually successful. For example, in the US during the term of President Eisenhower (1953-1961) an enormous highway project was implemented. This meant that for many, particularly car owners, journeys, hitherto considered difficult, quickly became feasible. The boost to the economy was substantial and this era has gone down in history as one where the economic development in the US was substantial.
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My belief is that we should ‘build, build, build’ and that the Panay-Guimaras-Negros project should be implemented. Failure to do so would result in more unemployment (already dangerously high in Region VI) with a resultant increase in poverty.
Fortune favors the brave!/PN
