Senator Edgardo J. Angara expressed optimism that the government’s plan to increase spending on infrastructure projects next year will further boost economic growth following the better-than-expected rate of 6.4 percent posted in the first quarter of the year.
According to Budget Secretary Florencio Abad, the government plans to spend a record P404.6 billion on infrastructure next year as it aims to push the growth rate to 8 percent.
"We must build on the momentum of robust growth through aggressive but smart spending," stressed Angara.
"During the budget cycle last year, I consistently stressed that underspending on infrastructure development--and underspending in general--hurt the economy. Being overly cautious stifles our economic growth," he continued."
Angara said developing the country's infrastructure network will facilitate inter-island commerce and trade, as well as promote tourism. "A well-planned transportation network is essential to spurring growth throughout an archipelago like the Philippines. Transportation networks and systems are therefore vital to the mobility of our people and the goods and products we trade."
"It is good news that the President's economic team has recognized the vital role of infrastructure investment in creating jobs and incomes. I look forward to studying the proposed infrastructure spending for 2014 once Congress reopens next week." (30)