Palace: P72-B stimulus ‘enough’ until 2012

MANILA, Philippines – Before the National Economic and Development Authority (NEDA) can present to President Aquino its proposed additional stimulus measures, Palace spokesperson Edwin Lacierda is making pronouncements that the P72.11-billion previously allocated stimulus package is “sufficient” to boost growth next year.

“I spoke to [Budget] Secretary Butch Abad and the P72 billion stimulus package is already sufficient. There will be a spillover to the next year. In addition to that, we also have the budget that was approved,” Lacierda said in response to questions on the possibility of President Aquino authorizing additional stimulus package for 2012.

The P72-billion stimulus package was envisioned to stimulate the economy from late 2011 to early 2012, Lacierda further explained. Earlier this month, President Aquino also signed the P1.8-trillion budget for 2012.

As of December 6, the government had released  P61.28 billion or 85 percent of the P72.11-billion Disbursement Acceleration Plan  to agencies and government-owned-and-controlled corporations (GOCCs).

In October, economic managers proposed an additional P20-billion to the stimulus package to finance rural electrification, rice procurement, and other infra projects.

Certain sectors have blamed the economic slowdown on underspending by the Aquino administration. – Rappler.com