According to Reuters, The economic planning head announced on Thursday that the government of President Ferdinand Marcos Jr. has approved 123 new projects that would be a part of a pipeline of infrastructure worth 9 trillion pesos ($163 billion) that it expects to start or complete in the upcoming years.
Marcos has stated that he prefers to use private finance to fund his infrastructure objectives as opposed to the previous administration, which relied on foreign financing, especially from China.
The 123 projects, according to Economic Planning Secretary Arsenio Balisacan, are primarily focused on enhancing physical connectivity, such as long-distance railways close to the capital and in the central and southern Philippines, as well as an upgrade of the ailing Manila International Airport, the nation’s main entry point.
Moreover, at the start of the year, based on the report of the BusinessWorld, according to Arsenio M. Balisacan, secretary of the National Economic and Development Authority (NEDA), over 3,600 infrastructure projects totaling $372 billion are planned for implementation through 2028.
The current administration is taking steps to speed up the nation’s infrastructure development. They have begun gathering all of these potential infrastructure projects as of January of 2023 Several government departments have identified over 3,600 projects, which together would cost about $372 billion over the next few years, statement at a live economic briefing on Monday in Frankfurt, Germany. He mentioned this in his statement at a live economic briefing on Monday in Frankfurt, Germany.
Over 180 of the 3,600 projects will cost more than $45 million. In the near future, 206 projects totaling $159 billion will be carried out, according to Mr. Balisacan.
Although the Philippines has not yet seen the growth rates projected before 2020, there are significant prospects in many industries. Businesses can achieve healthy economic growth in 2023 if they reassess their plans.
The surge of Covid-19 and the pandemic lockdown were huge impediments to the Philippines’ economy. Many business operations were halted and infrastructure projects were postponed due to the global crisis
According to the article released by McKinley, the Philippines’ economic outlook for 2023 is still an ever-changing aim. After a historic 10 percent contraction in 2020, the country may bounce back in 2023 with forecast growth of roughly 5.3 percent, albeit it will unlikely reach near pre-COVID-19 levels (exhibit). Moreover, they added that the Real Estate industry in the Philippines would continuously experience recovery this year.
A new expressway along Southern Luzon, particularly Region 4-A was given the green light to proceed with implementation. Highways that can connect the region’s provinces will also be a massive improvement in the Philippines’ traffic status. Moreover, highways along the region will boost the transportation and accessibility of employees working in the National Capital Region, who resides in the South.
Cavite Tagaytay Batangas Expressway
photo from https://www.bworldonline.com
According to Philippine Star, the project was given to the OPS way back in 2018, but the pitch was proposed way back in 2016. The 50.42-kilometer Cavite-Tagaytay-Batangas Expressway (CTBEx) project of Metro Pacific Tollways Inc. has been given original proponent status (OPS) by the Department of Public Works and Highways (DPWH) (MPTC).
Philippine Star (2021) also mentioned that to reach an agreement with the government and eventually move on to the Swiss challenge phase, Metro Pacific Tollways Corp. (MPTC) is willing to make some changes to its unsolicited proposal to construct the P22.43 billion Cavite-Tagaytay-Batangas Expressway (CTBEX).
Roberto Bontia, president and general manager of MPCALA Holdings Inc., said the government and the company are currently negotiating the dimensions, terms, and conditions under which it will be permitted to take on the Swiss challenge.
Moreover, based on the reports of the Manila Times (2023), the provincial government has approved a similar project, and construction of the P25.24 billion Cavite Tagaytay Batangas Expressway (CTBEx) will proceed.
The creation of the CTBEx proposed by Metro Pacific Tollways Corp. (MPTC), according to Public Works Secretary Manuel Bonoan, would be in accordance with the Marcos administration’s Build Better More Program, which aims to alleviate the country’s infrastructure gap and traffic congestion problems.
About the Cavite Batangas Expressway (CBEx) that San Miguel Holdings Inc. has planned, he continued, he doesn’t think that there will be any conflict with the alignment. The two projects will proceed, but certain outstanding difficulties must be resolved before they can both begin. Bonoan secured how they could connect the two and improve the alignment.
The proposal for this project was already granted 6 years ago. For the development of CTBEx, the DPWH granted MPTC original proponent status in 2018. The project entails building a 50.43-kilometer expressway to connect Cavite and Batangas, as well as a spur road to Tagaytay City and another to Tuy, Batangas. It will also end in Nasugbu.
The Cavite-Laguna Expressway (Calax), which is currently accessible to motor vehicles, is where the CTBEx will begin. The alignment will pass via the municipalities of Nasugbu in Batangas, Silang in Cavite, Amadeo, Mendez, Alfonso, and Tagaytay.
Advantages of CTBEX implementation
Once the Cavite Tagaytay Batangas Expressway is implemented, it will be a great ease for commuters. Although point-to-point terminals for buses and vans are available in Makati or Bonifacio Global Circuit, the travel time can be a massive challenge for commuters. Traffic is the biggest problem in the Philippines. Many commuters have to wake up as early as 4:oo in the morning just to accommodate the heavy traffic in the Philippines. Even though many companies have established working remotely for employees, there is no denying that the Philippine transportation and railroad need massive improvement. Thankfully, the CBTEX project approval will be a huge relief for employees originating from the South. Moreover, the expressway is easy to access for travelers to visit the beauty of the South.
The region CALABARZON has a lot to offer. And tourists prefer the lay back environment of the South. Luckily, travelers now have the opportunity to witness the wonders of the South. One of the most visited provinces in CALABARZON is Tagaytay City.
Summer 2023 in Tagaytay
Tagaytay is known as the Second Summer Capital of the Philippines alongside the top 1, Baguio City. With the anticipated scorching heat of the Summer of 2023, many tourists, local and foreign, are opting for a more chill climate to ease with the tropical summer of the Philippines.
The city is not just visited because of its cooler climate, but also of its extravagant landscape. Due to its breathtaking scenery, Tagaytay is one of the most popular locations in the south. With its high height, it has views of Taal Lake and Taal Volcano and a frigid environment. As a result, it is possible to see the volcano and lake from many locations. This also explains how it got its name and why one of its main industries is tourism.
Tagaytay is also the best city in CALABARZON for travelers to unwind. With its flabbergasting scenery and its rich history landmark. The province is not just well-known for its popular attraction, Taal Volcano, but also the home of Pink Sister’s Chapel, Picnic Grove, and People’s Park in the Sky.
Featuring Crown Asia’s Pinevale
Pinevale is a condominium in Tagaytay with a five-tower modern premium condominium with a contemporary Danish design that provides a range of rooms with smart home amenities, including one-bedroom suites, two-bedroom suites, and a one-bedroom premium suite. In addition, the relaxing features of Pinevale include heated pools, a fitness center, a hygge garden, and running pathways under the forest canopy
According to recently released Airbnb data, international travelers are planning to visit the Philippines more frequently as travel restrictions continue to loosen. As part of a tourism revolution that is expanding economic opportunities for locals, travelers are also more eager than ever to stay longer and visit more locations.
International vacationers wishing to visit the Philippines have been incredibly enthusiastic ever since the nation relaxed all travel restrictions in April. International travelers’ requests for Airbnb stays in the Philippines increased by more than 140% year over year between Q1 2021 and Q1 20221, indicating that the travel sector is once more boosting the nation’s economic recovery.
Moreover, according to Philstar (2022), International travelers find the Philippines to be a desirable destination, according to data from the internet marketplace for holiday rentals, Airbnb. They noticed an increase in foreign visitors interested in visiting the country when travel restrictions were loosened in the nation. International visitors’ searches for Airbnb stays in the nation during the first quarter of 2022 revealed this. Compared to the same time in 2021, it increased by more than 140%.
Investing with Crown Asia’s Pinevale is a great real estate investment opportunity as the data shows that tourism is rapidly increasing and many tourists are more in favor of booking Airbnb rather than booking hotel accommodation. Moreover, Tagaytay is one of the most visited Tourist attractions in the Philippines, and the implementation of the Cavite Batangas Expressway will make traveling easier and more accessible to get to Tagaytay.
Real estate investors can purchase condominiums in Pinevale and utilize their property as an Airbnb or rental space for tourists to stay. They can earn rental income as their passive income. Plus, the property is preferable for foreign tourists due to its security and high-tech features.
Related Blog: What Will the CTBEX Bring to the Philippine Economy?
