By: Elena Grace Flores
17 Billion Dollars Build Build Build Investments
The massive 17 billion dollars infrastructure investments popularly known as the Build Build Build project prevents the economy from being stagnant during the pandemic. This was an initiative of the late president Ferdinand Marcos. President Rodrigo Duterte followed his blueprint. His namesake runs for president in the 2022 elections. The son is called by the name Bongbong Marcos or BBM.
The Gold Reserves Helped
The Philippines is one of the largest holders of gold reserves. It’s estimated around 150 tons. Plus 100 billion dollars worth of cash reserves deposited by former President Marcos. They serve as collateral for government projects in a form of loans. Therefore, the BBM-Sara Uniteam promises political stability. This enhances foreign investments.
The Rising Economy
The country is on its way from a lower-middle-income country. It has a gross national income per capita of US$3,430 in 2020 to an upper-middle-income country (per capita income range of US$4,096–$12,695) in the short term. Economic growth is expected to further rebound as the pandemic eases up.