The Aquino administration plans to spend P4.19 trillion from 2013 to 2016 to roll out development projects aimed at slashing poverty and attaining inclusive growth, according to the National Economic and Development Authority (Neda).
In the “Philippine Development Plan 2011-2016: Revalidated Public Investment Program” report released on Friday, Neda Director General Arsenio M. Balisacan noted that despite the robust economic growth rates being posted by the country during the first half of President Aquino’s term, the Philippines had yet to see the real sign of progress which was the “improvement in the lives of our people.”
“We need to do more to ensure that our country’s economic progress is felt by all Filipinos, regardless of geographic location or social standing. To ensure inclusivity, we need new approaches that are more responsive to the needs of sectors and areas where many of the poor are found so that they can contribute to and benefit from economic growth,” Balisacan explained.
Under the Revalidated Public Investment Program (PIP), Neda said the total estimated investment target was P4.19 trillion to be disbursed to 1,500 priority programs and projects, including core investment programs and projects (CIPs) that are aimed at attaining the goals of the Philippine Development Plan (PDP).
The updated midterm PDP targets to slash the incidence of “multidimensional poverty” to 16-18 percent by the end of the Aquino administration from 28.2 percent in 2008, the base year.
According to Neda, the investment targets from 2013 until 2016 amount a total of P3.44 trillion, while for continuing investments, P739.81 billion.
For 2013 to 2016, more than half or P1.84 trillion of the investments are being planned for infusion into infrastructure projects. Social development projects would receive P727.79 billion; agriculture and fisheries, P522.71 billion; and initiatives involving sustainable and climate-resilient environment and natural resources, P166.23 billion.