Philippines infrastructure spending up 35.6 percent

July 3, 2013 at 7:41 AM

MANILA, July 3 (UPI) -- Infrastructure spending in the Philippines rose to $2.45 billion in the first five months of this year, up 35.6 percent year-on-year, the government said.

The Budget and Management Department said this year's spending is in line with the government's commitment for sustained and inclusive economic growth, the Philippine Star reported.

"The implementation of program budgeting helped bring a more deliberate and strategic approach to spending, so that expenditures are closely aligned with [President Benigno Aquino III's] campaign for long-term, inclusive growth," Budget and Management Secretary Florencio Abad said.

The World Bank has said the country needs to increase its infrastructure spending to attract more direct foreign investment.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Volvo unveils new child seat concept
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules