Social Security System (SSS) administrator Romulo Neri now controls a P100-billion fund that was approved by President Arroyo and her Cabinet for a massive infrastructure-based program.
The fund is part of the overall contingency plan to ward off the potential impact next year on the Philippines of the global financial crisis.
Neri was designated by the President to oversee the implementation of the program.
The President disclosed to The STAR that she and her Cabinet officials who are members of the National Economic and Development Authority (NEDA) board approved the details of the P100-billion infrastructure program during their year-end meeting last Tuesday at Malacañang.
The President said half of the total amount of the program, or P50 billion, will come from government-owned and controlled corporations (GOCCs) and government financial institutions (GFIs).
The other P50 billion, the President added, will hopefully be pumped in by private banking and financial institutions that will get government guarantees if they invest in any of the infrastructure projects contained in her administration’s Medium-Term Development Program (MTDP).
“They (private sector) can even choose to finance a farm-to-market road for as long as the project is among those included in the MTDP,” the President pointed out.
As crafted by her and the NEDA Board, the Chief Executive explained the program seeks to flush out the liquidity in banks to finance these infrastructure projects by encouraging them with government guarantees.
“So it does not have to be the government to finance the entire infrastructure program,” she said.
Asked why she designated Neri and not incumbent NEDA director-general Ralph Recto as overseer of this program, Mrs. Arroyo explained that the SSS chief is one of the heads of the major GFIs which will contribute to this massive infrastructure program.
“I told Romy Neri this is your chance now to walk the talk,” the President said, referring to her controversial former NEDA chief.–Marichu Villanueva, Philippine Star
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