Tuesday, 20 September 2011 13:37
The Aquino administration has raised sharply the country's investment program for the next five years to finance priority infrastructure and social projects, according to the National Economic and Development Authority (NEDA).
Rolando G. Tungpalan,NEDA's deputy director-general for Investment Programming told reporters that initial estimates for the country's Medium Term Philippine Investment Plan for 2011 to 2016 amounted to P4 trillion, higher by 36.9 percent compared to the P2.92 trillion for the year 2006 to 2010.
Tungpalan said the public and private sectors would finance the bulk of the MTPIP.
He, however, said: "We will always be guided by our fiscal program."
Tungpalan also said that the govenment would also tap official development assistance (ODA) to finance other projects under MTPIP.
The country's MTPIP is aligned with the Philippine Development Plan for 2011 to 2016.
Under the government's PDP, the government expects a 7 percent to 8 percent annual growth target and to generate an average of one million new jobs annually.
It also said that the 7 percent to 8 percent GDP target per year implies a tripling of per capita income to about US$ 5,000 in two decades.
"This is a higher growth trajectory than the past decade's and shall be attained through a higher contribution of physical capital to GDP growth, as well as through the increase in total factor productivity through massive investment in transport ,water, energy and other infrastructure and through good governance," the country's economic blueprint shows.
The PDP said sustaining growth in later years would require even higher investment ratios reaching 22 percent by 2016. (PNA)
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