MANILA – The government has designated P1.510 trillion to enhance its Build, Better, More infrastructure initiative this year. This allocation represents an increase of P180 million compared to the infrastructure budget from the previous year.
“We will continue to provide the much-needed budget to support the Build, Better, More program,” Budget Secretary Amenah Pangandaman said in a statement on Sunday.
Pangandaman from the Department of Budget and Management (DBM) is urging all government agencies to efficiently and promptly disburse and utilize their infrastructure budget. This call comes under the Build, Better, More initiative, which aims to facilitate growth in remote areas through road, rail, mass transport, and flood control projects.
The infrastructure investment represents 5.5 percent of the projected gross domestic product (GDP) for 2024, falling within the government’s target range of 5.0 to 6.0 percent. It encompasses the Public Sector Infrastructure budgets of the Department of Transportation (DoTr) at P26.580 billion and the Department of Public Works and Highways (DPWH) at P981.999 billion.
As of November 2023, infrastructure and capital outlays spending have increased by 18.5 percent to P1.02 trillion from P861.8 billion in the previous year. The DBM attributes this rise to spending by the DPWH for road infrastructure, disbursements by the Defense department, and foreign-assisted railway projects of the Transportation department.
In November, overall government spending amounted to P433.6 billion, marking a decrease of 4.7 percent compared to P455 billion in the same period the previous year. However, on a year-to-date basis, government spending showed an increase of 3.6 percent, reaching P4.67 trillion compared to P4.513 trillion previously.
The Department stated that P131.1 billion, equivalent to 2.4 percent of the government’s P5.537-trillion obligation program, still needed to be released.
It highlighted that spending, inclusive of infrastructure investments, saw improvement in the latter half of the year. This, coupled with lower inflation rates, is anticipated to contribute to an enhanced macroeconomic environment for 2024, according to the DBM.
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