The Department of Budget and Management (DBM) on Wednesday expressed optimism about more private investments in the development of the infrastructure sector.
This, as the DBM acknowledged that the proposed PHP1.507 trillion infrastructure spending for 2025 is still up for Congress' deliberation.
“For FY (fiscal year) 2025, the proposed infrastructure budget amounts to P1.507 trillion, which is still subject to the wisdom of Congress as they deliberate on the budget,” the DBM said in a statement.
“While this is 0.3 percent lower than this year’s infrastructure budget of PHP1.510 trillion, the National Government anticipates that this will be bolstered by the increase in private sector investments through the recent enactment of the Public-Private Partnership (PPP) Code and the issuance of its Implementing Rules and Regulations (IRR),” it added.
The DBM noted that to date, the bulk of the PPP projects in the pipeline are “infrastructure-related” and amount to PHP3.183 trillion.
It said the allocation for infrastructure development aims to continue increasing access to basic services, strengthening industry linkages, and expanding connectivity nationwide through programs, activities, and projects in the infrastructure, transportation, and digital sectors.
“These include the construction of various infrastructure projects, such as road networks, flood control projects, seaports, development of LGUs, buildings, irrigation systems, school buildings, hospital and health centers, water supply systems, airport systems, right-of-way acquisitions, power supply systems, housing and community facilities, railway systems, and reforestation projects,” the DBM said.
Budget Secretary Amenah Pangandaman said infrastructure development through the Build-Better-More Program remains among the key priorities of the Marcos administration, stressing that this year’s allocation for infrastructure outlays is higher by 13.5 percent compared to the PHP1.33 trillion earmarked last year.
“This is consistent with our Medium Term Fiscal Framework to achieve our growth targets, and is well within the National Government’s target for infrastructure spending at 5 to 6 percent of GDP (gross domestic product),” Pangandaman said.
The DBM said appropriations on Infrastructure Outlay continue to ascend year by year, from PHP989.3 billion in 2020, PHP1.074 trillion in 2021, PGP1.178 trillion in 2022, PHP1.330 trillion in 2023, and PHP1.510 trillion in 2024. (PNA)
Comments