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PIA Press Release

P91.3 billion obligated since January for economic resiliency plan

Manila (23 February) -- Press Secretary Cerge Remonde said the Arroyo administration's economic resiliency plan is on track. Since January alone, P91.3 billion has been obligated for the program.

Secretary Remonde said the projects under the resiliency plan are being "front-loaded by the leading infrastructure agencies to promote development."

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.

The Press Secretary bared that during the first quarter of 2009, P16 billion was obligated to the Department of Agriculture (DA) for the various projects of the agency.

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 government has announced a P330-billion fiscal-stimulus package known as the Economic Resiliency Plan or ERP. 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.

Secretary Remonde said that with the global crisis gripping two-thirds of the world, the Philippines will not only have to push its in-country pump-priming initiatives but must also "be very active internationally." (PIA) [top]

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