“Business World” Posted on October 05, 2014 10:55:00 PM
THE GOVERNMENT has outlined a P4.19-trillion plan for infrastructure projects and social development programs to be implemented as part of the Aquino administration’s development agenda.
A man rides a bicycle under the South Luzon Expressway flyover in this Nov. 18, 2010 photo. The government has identified infrastructure as one of its key spending priorities in a bid to spur the country’s development. — AFP
Under the 2011-2016 Revalidated Public Investment Program, the government is targeting some P4.19 trillion in investments to fund around 1,500 priority programs and projects aimed at meeting its inclusive growth objectives under the Philippine Development Plan.
Broken down, it includes P3.44-trillion in targeted investments from 2013 to 2016 and P739.81 million in continuing investment targets.
More than half of the investment targets will be earmarked for infrastructure development at P1.84 trillion (53.32%); followed by social development at P727.79 billion (21.14%); agriculture and fisheries at P522.71 billion (15.18%); and sustainable and climate resilient environment and natural resources at P166.23 billion (4.83%).
The investment targets will be jointly funded by the national government (80.18% or P2.76 trillion), the private sector (11.74% or P404.02 billion) and state-owned firms and financial institutions (7.34% or P252.86 billion). The local government units will shoulder the remaining amount.
“The Revalidated Public Investment Program (PIP) 2011-2016 fleshes out our efforts in attaining inclusive growth,” Socioeconomic Planning Secretary Arsenio M. Balisacan was quoted as saying in the PIP. “Inclusive growth requires effort and collective willpower, not only within government but also among citizens, private businesses, and international development partners.”
The PIP outlines the major investment programs under the Aquino administration’s development agenda. Its revalidation takes into account the status of programs and projects implemented since 2011. — M.F.E. Flores