Philippine Daily Inquirer
3:54 am | Thursday, November 28th, 2013
Public infrastructure spending increased in the first three quarters of the year as the government pushed ahead with its agenda of keeping the Philippines among the fastest-growing economies in Asia.
The Department of Budget and Management reported that, from January to September, disbursements for infrastructure rose year on year by nearly 34 percent to P183 billion.
The amount covered enhancement of drainage systems and other flood-control projects of the Department of Public Works and Highways and the Metro Manila Development Authority, the DBM said in a statement Wednesday.
The disbursements also covered construction of farm-to-market roads supervised by the Department of Agriculture, the DBM added.
“Expenditure for infrastructure and capital outlay continued to track significant year-on-year growth,” Budget Secretary Florencio Abad said in the statement.
The DBM also reported that the government’s total spending in the first nine months amounted to P1.84 trillion—nearly 92 percent of the national budget of P2.006 trillion for the full year.
Abad said the increase in infrastructure spending was in line with the Aquino administration’s objective to help the economy sustain its rapid pace of growth and enable the country to deal with the problem of poverty.
In the first semester, the Philippines, together with China, registered the fastest economic growth rate in Asia. It grew by 7.6 percent, beating most projections.
The rapid pace of economic expansion was credited partly to the rise in government spending.
“Our continued drive for efficient public spending, particularly for infrastructure and capital outlay, has shown consistent year-on-year improvements over the last three quarters. We are looking to further boost our investments to this end and minimize infrastructure gaps by the end of the year to facilitate greater economic expansion,” Abad said.
Infrastructure spending in the Philippines remains below 3 percent of the country’s gross domestic. In Southeast Asia, the average is 5 percent.
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Tags: Department of Budget and Management , Government , infrastructure spending , Philippines
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