Gov't expects to raise P6.54 trillion until 2010
By Rose B. Palacio
Davao City (19 June) -- Based on the Medium-Term Philippine Investment Plan (MTPIP), the national government expects to raise a total of P6.54-trillion until 2010.
Finance Secretary Gary Teves said about twenty percent of the amount of P1.3-trillion might be used for government capital expenditures.
Projects as outlined by President Gloria Macapagal-Arroyo in her Sate of the Nation Address (SONA) based on the Medium-Term Philippine Investment Plan (MTPIP) would require about P372 billion or 28.6 percent of the total spending allocation for government projects for the medium term.
"This means that the government would have adequate funds for the SONA projects," Teves said.
The Finance chief said the local government units and other sectors are also participating in implementing the SONA projects. The local government units are allocating P1.3 billion; government-owned and controlled corporations (GOCCs), P116 billion; and the private sector, P68.4 billion.
"This leaves a total P186.3 billion for funding by the National Government," the Finance official said.
"We are sharing this task of investing for our future not only with the local government and state-owned corporations but also with the private sector that also have a stake in the development of this nation," Teves said.
Major areas of investment include: P180 billion for railways; P101 billion for roads; P43 billion for airports; P15.8 billion for seaports; P12.6 billion for irrigation and P5 billion for bridges, while P13.5 billion will be earmarked for other projects.
"We look forward to working closely with the private sector to identify the most cost-efficient and effective ways to undertake these projects," he said. (PIA XI) [top]