MANILA, Philippines (Xinhua) - The government is to allocate P399 billion ($9.15 billion) for public infrastructure projects in 2014, the National Economic and Development Authority (NEDA) announced today.
The amount was 35 percent more than the P295 billion ($6.76 billion) appropriated this year for infrastructure development, Socioeconomic Planning Secretary Arsenio Balisacan said.
"The dramatic surge in infrastructure spending next year will lower the cost of transporting goods and people, support agricultural productivity, reduce risks from disasters, and generate economic investments and employment. The proposed projects will ultimately benefit the poor and vulnerable sectors," Balisacan said.
"The overall allocation of 399 billion pesos is about three percent of our gross domestic product (GDP) target for 2014. By 2016, planned infrastructure spending will amount to about P820 billion ($18.8 billion), or approximately five percent of GDP," said Balisacan, who is also NEDA director-general.