Philippines' infrastructure spending posts 33.9% YoY spike as of end-September
29 November 2013
Category: News, Philippines
By Asia Asset Management
The Department of Budget and Management (DBM) in the Philippines announced on November 28 that expenditures for infrastructure and capital outlay continued to track significant year-on-year growth, with a 33.9% increase for the expense class recorded as of September this year. This is in line with the Aquino Administration’s continued commitment towards rapid, sustainable and inclusive growth under its Economic Development Agenda.
Infrastructure spending maintained the double-digit growth through the first nine months of the year by reaching 183 billion pesos (US$4.18 billion) as compared to last year’s 136 billion pesos. In addition, total government disbursements by the end of September rose to 1.37 trillion pesos, which is a significant improvement of 11.8% from its 1.22 trillion pesos turnout for the same period last year.
“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 minimise infrastructure gaps by the end of the year to facilitate greater economic expansion – one that is inclusive and brings tangible benefits for all Filipinos,” DBM Secretary Florencio “Butch” Abad said.