SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – The National Economic and Development Authority (NEDA) announced on Friday, October 3 the release of the Revalidated Public Investment Program (PIP).
The Revalidated PIP outlines major government programs and projects expected to help achieve the targets under the Updated Philippine Development Plan (PDP) 2011-2016.
The document also indicates a total estimated investment target of P4.19 trillion ($94.13 billion), where more than half of about 1,500 identified priority programs and projects are allocated for infrastructure development.
The government aims to spend by 2016 at least 5% of the gross domestic product (GDP) or $18 billion for major infrastructure projects. (READ: Gov’t raises infra spending to $18B by 2016)
The target is $12 billion higher from the 1.9% of GDP or $4 billion infrastructure spending by the government in 2011. (READ: Why same firms are vying for PH infra projects)
It also includes updates on the status of current and major programs and projects (PAP) which began implementation in 2011, and priority PAPs for the remaining plan period 2011-2016, with emphasis on core investment programs and projects (CIPs).
The updated PIP outlines the progress Aquino administration has done, and the challenges for the remaining years.
Updated Revalidated Public Investment Program 2014
NEDA director-general Arsenio Baliscan said that based on their experience in implementing the first half of PDP, good governance and macroeconomic stability are crucial for sustainable economic growth.
“… Yet, we recognize that the real measure of progress is improvement in the lives of our people,” Balisacan said.
Balisacan added the revalidated PIP helps ensure that public resources are channeled to investments that will yield the highest and most sustainable socioeconomic benefits for the Filipino people.
“In effect, the revalidated PIP actualizes the necessary institutional changes and innovations to deliver lasting results that are felt by the people, especially the poor,” said Balisacan.
Balisacan said that they hope the revalidated PIP will empower government agencies and development partners in implementing, coordinating, and complementing development PAPs across the country.
The revalidated PIP is available is also online through the NEDA website. – Rappler.com
($1 = P44.51)
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.