Sunday, April 21, 2024

11-Month Infra Spending Reaches PHP1 Trillion In 2023

6

11-Month Infra Spending Reaches PHP1 Trillion In 2023

6

How do you feel about this story?

Like
Love
Haha
Wow
Sad
Angry

Expenditures of the national government for infrastructure and other capital outlays grew to P1.02 trillion from January to November 2023.

This is an 18.5 percent or P159.8 billion increase to what was recorded in the same period in 2022 at P861.8 billion.

“Government spending is vital to national growth. Thus, to help buttress robust economic growth, government agencies must continue to execute their programs and projects as authorized in the annual budget and deliver planned results in a timely manner,” said Budget and Management Secretary Mina Pangandaman in a statement on Sunday.

The increase in infrastructure and other capital outlays was largely attributed to the disbursements made by the Department of Public Works and Highways (DPWH) to cover the implementation of various priority projects; and capital outlays, such as construction, rehabilitation, renovation, repair, and improvement of roads and bridges, as well as flood control structures.

The implementation of various rail transport foreign-assisted projects by the Department of Transportation (DOTr) also contributed significantly to the growth of infrastructure spending.

Meanwhile, to continue the infrastructure development through the Build, Better, More program, total infrastructure outlays have been allocated P1.510 trillion under the 2024 national budget, a P180 billion higher than the P1.330 trillion allotted for the same program in the 2023 General Appropriations Act.

“Under the guidance of President Bongbong Marcos, we will continue to provide the much-needed budget to support the Build, Better, More program. The DBM likewise commits to help ramp up infrastructure spending by urging all government agencies to disburse and utilize their infrastructure budget efficiently and promptly. Every peso in our national budget should be spent effectively for the benefit of our economy and, most importantly, the Filipino people,” Pangandaman said.

The Build, Better, More program aims to expand the country’s infrastructure by developing road, rail, mass transport, and flood control infrastructure projects to allow for growth in far-flung municipalities, espoused by the President’s vision of a Bagong Pilipinas.

This infrastructure allocation is equivalent to 5.5 percent of the country’s projected GDP for this year, well within the 5.0 to 6.0 percent target of the government.

This includes the Public Sector Infrastructure budget of the Department of Transportation (DOTr) and DPWH amounting to P26.580 billion and P981.999 billion, respectively. (PNA)