P140 Billion infrastructure projects in Philippines in 2012

Posted by Breaking News on December 15th, 2011 in Local News

In a landmark move to jump-start economic growth in the next fiscal year, Budget and Management Secretary Florencio B. Abad said that at least P140 billion worth of infrastructure projects under the 2012 National Budget will immediately be implemented in January 2012.

“In contrast to 2011 when infrastructure spending was delayed, we intend to begin 2012 on a very strong note. Various infrastructure projects amounting to around P140 billion can be implemented by departments and agencies as early as the first working day of January 2012,” he said.

“We earlier directed agencies to disaggregate their 2012 budgets into specific projects before the budget was submitted to Congress in July; and to already bid them out short of award, so that notices to proceed can be issued in January,” he said.

In comparison, agencies in the past are only able to break-up their budgets, especially lump-sum funds, during the fiscal year, leading to delayed paperwork and implementation.

He said the amount is part of the P1.816-trillion General Appropriations Act (GAA) for 2012. He further noted that the P140 billion is on top of the infrastructure projects funded by the 2011 budget that will continue to be implemented next year.

President Benigno S. Aquino III on Thursday signed the 2012 GAA, the earliest approved since democracy was restored after the 1986 People Power Revolution.

“The swiftness of the budget signing also means that government can hit the ground running with its programs, starting with key infrastructure projects. It also reinforces the President’s commitment to his Social Contract with the Filipino People, and underscores our mission to ensure economic development and transparent government spending,” Abad said.

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