MANILA: Philippine President Benigno Aquino on Monday invited investors to help his cash-strapped government build more than a billion dollars' worth of road and rail projects.
Aquino said he wanted the private sector to build this year a road linking Manila's North Luzon and South Luzon toll highways, as well as a toll road to unclog traffic around Manila airport, and a new access route to the South Luzon tollway. The government also plans to sell Manila's Light Rail Transit and Metro Rail Transit systems to improve service, he added.
"And with an estimated investment of more than a billion dollars lined up for bidding, these projects give us more reason to be optimistic," Aquino said in a speech to an investor conference. Presidential spokesman Edwin Lacierda told reporters formal bid invitations for the first project would be sent out at the end of the month, and the second project in early April.
To attract investors, the government earlier offered assurances about the Philippines' notoriously poor and corrupt business environment, which has seen governments not honour contracts and investors lose millions of dollars. The government said Monday last year's budget deficit rose to a record 314.4 billion pesos ($7.25 billion), or 3.7 percent of the country's gross domestic product.
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