Do we have megabucks to fund the Mega regions?

On 24 July, President Gloria Macapagal-Arroyo boasted the government has the money to bankroll its programs. She said, “We now have the funds to address social inequity and economic disparity.” But a week after the State of the Nation Address, her economic managers are still in a quandary as to the estimated cost for all the infrastructure projects she mentioned in her speech. President Macapagal Arroyo introduced the “super regions” comprised of North Luzon Agribusiness Quadrangle, Metro Luzon Urban Beltway, Central Philippines, Mindanao and the Cyber Corridor.

Her main agenda is to build airports, mass transport systems, bridges, and ports, boost agricultural capacity, institute electoral reform, reduce red tape, and pursue Charter change. Budget Secretary Rolando Andaya in a Cabinet meeting on 1 August said the major projects will cost P372 billion.

The President plans to do all this with support from heads of local government and Congressmen by the end of her term in 2010. Despite her positive outlook, surveys released on 20 July report 59% of household heads report themselves as poor (Social Weather Stations) and about one out of two Filipinos or 56% were undecided about truthfulness of the 24 July SONA (Pulse Asia). On top of these, the President is also facing 8 impeachment complaints before the House Committee on Justice.