Public infrastructure spending rose by nearly half in February, reflecting the Aquino administration’s commitment to keep the Philippines as one of the fastest-growing economies in Asia. The government continued to pour more funds into infrastructure development with total spending rising to P49.8 billion, P1
Public infrastructure spending rose by nearly half in February, reflecting the Aquino administration's commitment to keep the Philippines as one of the fastest-growing economies in Asia.
The government continued to pour more funds into infrastructure development with total spending rising to P49.8 billion, P16.4 billion higher year-over-year.
Both local and foreign investors have long cited the country's fragile and patchy infrastructure as one of the biggest hindrances to sustainable and inclusive growth.
Budget and Management Secretary Florencio B. Abad said increased spending on various infrastructure projects brought total government disbursements to P313 billion, up 11 percent from the P282 billion recorded during the same period of 2013.
These projects include the Armed Forces of the Philippines (AFP) Modernization Program of the Department of National Defense (DND) and those implemented by the Department of Public Works and Highways (DPWH), Department of Transportation and Communications and Department of Health.
Among the transportation and communication facilities include the renovation of the Ninoy Aquino International Airport (NAIA) Terminal 1.
“We expect to ramp up infrastructure and other priority disbursements further for the succeeding months, particularly post-Yolanda reconstruction and rehabilitation efforts. As we deeply embed reforms in the processes of government departments and agencies, we are enabling them to improve their utilization of public funds,” Abad said.
Accelerating reconstructing spending would offset the drag on consumption from the effects of natural disasters last year.