₱1.2 Trillion Allocated for Infra Projects in 2023

The Marcos Administration intends to spend at least one-fifth of its budget on infrastructure projects. This was stated by the Department of Budget and Management (DBM) by Budget Secretary Amenah F. Pangandaman. Pangandaman further noted that ₱1.196 trillion had been allocated for the administration’s 2023 infrastructure programs. This is a significant increase from the ₱1.185 trillion budget allocated this year.

In breaking down the amount, the Department of Public Works and Highways (DPWH) will receive ₱718.4 billion while the Department of Transportation (DOTr) will get ₱167.1 billion. This would mean that the two departments would receive more than 60% and 14% of the budget, respectively. Pangandaman stated that the DBM doubled DOTR’s budget to assist with the funding required for the various foreign-assisted railway projects.

President Marcos is continuously implementing infrastructure projects. Last month, the president pushed for his “Build, Better, More” program to further spur economic growth. “With proper transportation infrastructure in place, including a subway, regional airports, railways, and farm-to-market roads, we move closer to our objective of making the Philippines an investment destination,” the chief executive said.

DBM has submitted to Congress the Marcos administration’s proposed budget for the fiscal year 2023 amounting to ₱5.268 trillion. According to Pangandaman the said budget is “a proactive budget felt by the people with education, infrastructure, health, agriculture and social safety nets as priorities.”

The economic team of the Marcos administration aims to achieve the goal of 6.5% to 8%real GDP growth between 2023 and 2028. This is to ultimately achieve a single-digit or 9% poverty rate by 2028. Foundationally, the 8-point socio-economic agenda of the Marcos administration is underscored to identify priority sectors and continuously sustain the country’s momentum in economic growth and inclusivity.

Source: Manila Bulletin