#2023infrastructurebudget

[thxnews]

PH Infra Spending Hits P1T in 2023 Surge

In a landmark move for national development, the Philippines has earmarked an unprecedented P1.02 trillion for infrastructure and capital outlays from January to November 2023. This remarkable 18.5% increase from the previous year underscores the government's commitment to bolstering economic growth and enhancing the nation's infrastructure backbone.  

A Boost for National Growth

Unprecedented Funding Increase Under the stewardship of Budget and Management Secretary Mina Pangandaman, the significant uptick in infrastructure spending is a testament to the government's dedication to executing its annual budget efficiently. The Department of Public Works and Highways (DPWH) and the Department of Transportation (DOTr) spearheaded this increase through the implementation of various priority projects, including road, bridge, and rail transport enhancements.   Building a Better Future The Build, Better, More program, a cornerstone of President Bongbong Marcos's administration, is set to receive a robust P1.510 trillion in the 2024 national budget. This initiative aims to further the development of crucial infrastructure projects, such as roads, rail, mass transport, and flood control systems, facilitating growth in remote municipalities and embodying the vision of a renewed Philippines.  

The Path to Sustainable Development

Prioritizing Efficient Budget Utilization The DPWH and DOTr are at the forefront of this developmental leap, with allocations amounting to P981.999 billion and P26.580 billion, respectively. This strategic distribution of funds is designed to maximize economic benefits and ensure that every peso spent contributes to the welfare of the Filipino people.   Expanding the Infrastructure Horizon The Build, Better, More program represents a pivotal shift towards more sustainable and inclusive infrastructure development. With an investment equivalent to 5.5 percent of the country's projected GDP, the program not only aims to enhance the physical landscape but also to foster economic resilience and inclusivity.  

A Legacy of Development

From Build! Build! Build! to Build, Better, More Transitioning from the Duterte administration's Build! Build! Build! initiative, the BBM program amplifies the focus on infrastructure with a keen eye on sustainability and broader societal impact. This evolution reflects the administration's vision for a future where development projects pave the way for a stronger, more connected Philippines.   Looking Ahead As the Philippines strides into 2024 with a substantial infrastructure budget, the momentum for national development is stronger than ever. The government's unwavering support for the Build, Better, More program signifies a promising horizon for the Filipino people, promising not just infrastructure growth but a holistic upliftment of the nation's quality of life.   Sources: THX News & Philippine News Agency. Read the full article