MANILA, Aug. 12 (Xinhua) -- The Philippine government is to allocate 399 billion pesos (9.15 billion U.S. dollars) for public infrastructure projects in 2014, the National Economic and Development Authority (NEDA) announced Monday.
The amount was 35 percent more than the 295 billion pesos (6.76 billion U.S. dollars) appropriated this year for infrastructure development, Socioeconomic Planning Secretary Arsenio Balisacan said.
"The dramatic surge in infrastructure spending next year will lower the cost of transporting goods and people, support agricultural productivity, reduce risks from disasters, and generate economic investments and employment. The proposed projects will ultimately benefit the poor and vulnerable sectors," Balisacan said.
"The overall allocation of 399 billion pesos is about three percent of our gross domestic product (GDP) target for 2014. By 2016, planned infrastructure spending will amount to about 820 billion pesos (18.8 billion U.S. dollars), or approximately five percent of GDP," said Balisacan, who is also NEDA director-general.