Philippines will accelerate the approval of infrastructure projects  

It is understood that the government of Philippines said on Tuesday that at least five billion infrastructure projects will no longer require the approval of economic planning institutions, hoping to speed up the process of approval.

As the fastest growing economy in Southeast Asia, Philippines is speeding up the construction of new roads, bridges, airports and railway infrastructure.

Philippines national economic development director Ernesto Pernia said: "we will increase infrastructure investment in other areas, including the Metro Manila infrastructure projects."

A number of infrastructure projects, which cost 5 billion and below, will be spread faster.

The ten major infrastructure projects, mainly concentrated in the provinces, a total investment of 320 billion yuan, is expected in September will be approved by the president of the abbot Dutt NEDA committee.

In the 2017 budget, 860 billion 700 million yuan is planned to be used for infrastructure projects, an increase of 13% over the same period.

Pernia said: "now we intend to focus on the sub national and regional economies, including rural areas and agriculture, in order to disperse the development."

In the second quarter of this year, Philippines's domestic economic growth was 7%, making it possible for the government to achieve the annual economic growth target of 6%-7%.