The National Economic and Development Authority (NEDA) aims to accelerate infrastructure spending to increase its share of the gross domestic product (GDP), and also to address infrastructure,gaps that have stunted robust and equitable growth.
NEDA deputy director general Rolando Tungpalan said Tuesday that they want to increase infrastructure spending to 5 percent of GDP.
The government would therefore spend P450 billion, or 4 percent of GDP in 2013; P599 billion (5 ,percent) in 2014; P638 billion (5 percent) in 2015 and; P680 billion in 2016.
The government only spent P249 billion (2.4 percent of GDP) in 2012 and ,P250 billion (2.6 percent) in 2011.
“That’s why we’re accelerating the implementation of recently approved projects, the 61 projects of some P450 billion,” Tungpalan said at the sidelines of the Joint Foreign Chambers’ of the Philippines Arangkada Forum.
The NEDA Board, chaired by President Benigno Aquino III, had earlier approved these 61 projects.
Tungpalan remained confident that the government can achieve these targets.,
“We now have the road map on what types of projects will be pursued, and 70 percent of these are hard infrastructure projects,” he said. “In fact, this is a preview of a workshop between the NEDA, DBM (Departnment of Budget and Management) and other agencies that will be implementing these projects from 2013 and beyond.”
The projects that would make up the infrastructure spending would include those financed by the government as well as those pursued through official development assistance (ODA) and the Aquino administration’s public-private partnership (PPP) program.
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Source: DVM, GMA News, 26 February 2013
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