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PIA Press Release
2009/02/24

Gov't pushes pump-priming initiatives

by T. Villavert

Manila (24 February) -- The government has announced a P330-billion fiscal-stimulus package known as the Economic Resiliency Plan or ERP.

The Malacanang press report dislosed that of the total amount, P160 billion is earmarked for infrastructure spending.

Under the ERP, P100 billion will come from government corporations and financial institutions, as well as the private sector, the report disclosed.

Press Secretary Cerge Remonde said the Arroyo administration's economic resiliency plan is on track. Since January alone, he said P91.3 billion has been obligated for the program.

Projects under the resiliency plan are being "front-loaded by the leading infrastructure agencies to promote development," he said.

The leading infra agencies and their obligated funds are the Department of Public Works and Highways (DPWH), P60 billion; Department of Transportation and Communication (DOTC), P13 billion, and the Department of Education (DepEd), P2.8 billion.

During the first quarter of 2009, P16 billion was obligated to the Department of Agriculture (DA) for the various projects of the agency, Remonde said.

He explained that the front-loading of the infrastructure funds for these agencies was to meet the funding requirements of their projects needed to "stimulate the economy and promote development," the Malacanang press report disclosed. (PIA 6) [top]

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