By Chino S. Leyco The Department of Finance (DOF) expects the country’s economy will grow at a faster pace this year on the back of the Duterte administration’s programs to modernize public infrastructure. Finance Secretary Carlos G. Dominguez III said the country can sustain its economic growth momentum this year following the 6.7 percent Gross Domestic Product (GDP) expansion registered in 2017. According to Dominguez, the boost  would come from the additional revenue take from the Tax Reform for Acceleration and Inclusion Act (TRAIN) plus new money from Official Development Assistance (ODA) deals. The finance chief also said proceeds from the recent $2-billion 10-year bond sale would ensure a steady revenue flow for the government’s aggressive spending on public infrastructure. Moreover, Dominguez said, sizable personal income tax (PIT) cuts under the TRAIN law would also boost consumer spending and help spur greater economic activity. The Duterter administration is aiming an economic growth of around 7.0 percent to 8.0 percent this year. “These developments… would guarantee enough fiscal space to let government continue pursuing an expansion policy leading to nonstop high — and inclusive — growth,” Dominguez said in a statement. “As I said last year, there will be a more exciting growth narrative for the Philippines this 2018, more so now that all of the government’s plans to keep the country among the world’s fastest-growing economies have started falling into place,” he added. Dominguez, meanwhile, assured the government has adequate funds for its ambitious “Build, Build, Build” program, noting the incremental revenues from the first set of the TRAIN package. The DOF estimated that the revenue gain from TRAIN would reach R89.9 billion in 2018 alone. As regards ODA deals, Dominguez himself signed with Asian Development Bank President Takehiko Nakao $680 million worth of assistance, comprising a $380 million loan agreement. The ADB loan covers funding for the Improving Growth Corridors in Mindanao Road Sector Project (IGCMRSP) and the $300-million Encouraging Investment Through Capital Market Reforms (EICMR) Program-Subprogram 2. Moreover, the government boasts a much better absorptive capacity, which will lead to the faster release and more judicious use of public funds to bankroll the rollout of big-ticket projects. The Duterte administration aims to implement 75 projects worth over $ 35.5 billion and that would create a projected 1.7 million jobs over the medium term, thereby keeping the country on the road to reducing the poverty rate to 14 percent and transforming the economy into an upper middle-income one by 2022. Alongside these initiatives, Dominguez said the government is also set this year to ease economic restrictions by reducing the Foreign Investment Negative List (FINL) and fast-track measures to cut red tape and improve the ease of doing business, in a bid to attract more foreign direct investment (FDI) flows and further stimulate economic activity.