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Philippines to spend 28 billion dollars on infrastructure projects
MANILA, April 27, 2006 (AFP) - The Philippines plans to spend 1.5 trillion pesos (28 billion dollars) on major infrastructure projects over the next five years, seen as a hindrance to investments, the government said Thursday.
It plans to finance 56 percent of the costs and rely on the private sector for the balance of funds required for the projects.
About 743 billion pesos worth of transportation projects lead the list, the economic planning department said in a statement.
The rest would be spent on the power sector, water utilities, communications and social infrastructure.
Infrastructure spending would account for about four percent of the country's total gross domestic product for 2006-201O, the statement added.
"Infrastructure plays a crucial role in boosting economic growth and reducing poverty. Substantial investment is needed to create new infrastructure and maintain or improve existing ones," Economic Planning Secretary Romulo Neri said.
MANILA, April 27, 2006 (AFP) - The Philippines plans to spend 1.5 trillion pesos (28 billion dollars) on major infrastructure projects over the next five years, seen as a hindrance to investments, the government said Thursday.
It plans to finance 56 percent of the costs and rely on the private sector for the balance of funds required for the projects.
About 743 billion pesos worth of transportation projects lead the list, the economic planning department said in a statement.
The rest would be spent on the power sector, water utilities, communications and social infrastructure.
Infrastructure spending would account for about four percent of the country's total gross domestic product for 2006-201O, the statement added.
"Infrastructure plays a crucial role in boosting economic growth and reducing poverty. Substantial investment is needed to create new infrastructure and maintain or improve existing ones," Economic Planning Secretary Romulo Neri said.