Philippines to hike 2014 infrastructure spending by 37.2%

The Philippine government said on Thursday that it will spend 404.3 billion pesos (8.99 billion U.S. dollars) or 3.1 percent of the country's gross domestic product ( GDP) for various infrastructure projects this year. The Department of Budget and Management (DBM) said the amount is 37.2 percent higher than in 2013. Budget Secretary Florencio Abad said the money will be used for a number of infrastructure projects including those under the Public-Private Partnership (PPP) scheme. Abad said the government will also fund flood-control systems in cities and various reconstruction projects in calamity-stricken areas in central Philippines. He said infrastructure spending for 2014 is part of the 593.1 billion pesos (13.19 billion U.S. dollars) allocated by the government for economic services this year. The Philippine government aims to increase infrastructure spending to 5.1 percent of the country's GDP by 2016.