MANILA – The Aquino administration plans to accelerate capital outlays until 2016 so infrastructure spending would climb to five percent of the country’s gross domestic product (GDP), the National Economic and Development Authority (NEDA) said on Tuesday.
On the sidelines of the Arangkada Philippines forum, NEDA Deputy Director-General Rolando Tungpalan said the government has to spend P680 billion to increase the infrastructure spending-to-GDP ratio from the current 2.6 percent.
“We are shoring that up now that’s why we need to accelerate the implementation of the approved projects,” Tungpalan said.
The NEDA Board, which President Benigno Aquino III chairs, earlier approved 61 projects worth P425 billion, of which 70 percent are infrastructure.
Projects that the NEDA Board approved early this year include the P35.58 billion Cavite-Laguna Expressway Project, the P25.56 billion NLEX-SLEX Connector Road Project, the P1.03 billion Adapting to Climate Change Through the Construction of Water Impounding Facilities in the Philippines: Pasa Small Reservoir Irrigation Project, the P2.94 billion Change in Scope of the Second Cordillera Highland Agricultural Resources Management Project (CHARMP II), and the P81.9 billion National Community-Driven Development Project.
“These projects will have to be fast tracked in terms of procurement and implementation,” Tungpalan said.
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Source: Darwin G. Amojelar, InterAksyon, 26 February 2013
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