Philippine government to spend $19bn on infrastructureStaff Writer | July 22, 2016
The Philippine government plans to increased infrastructure spending to as much as 7 percent of the economy by 2022, Budget Secretary Benjamin E. Diokno said.
Investing and building Hard public infrastructure
The budget chief was also proposing more "hybrid" public-private partnership (PPP) projects to speed up infrastructure development.
In a speech at the general membership meeting of the Financial Executives Institute of the Philippines (Finex), Diokno said the government would spend close to 900 billion pesos ($19 billion) on hard public infrastructure to make up for years of "neglect".
Diokno said they planned to roll out "simultaneously, not sequentially," small, medium and large projects in all regions.
The budget chief earlier said the Duterte administration would order non-stop or 24-hours-a-day, seven-days-a-week construction work on most urban-based projects to fast-track infrastructure buildup.
From a share of 5.2 percent of the gross domestic product (GDP) next year, infrastructure spending would be increased to 7 percent of GDP by the end of the Duterte administration, Diokno said. ■