Gov’t eyes to spend 5 to 6% of GDP for infra projects annually

MANILA, Philippines — The administration of President Ferdinand “Bongbong” Marcos Jr. is eyeing to spend five to six percent of the country’s annual gross domestic product (GDP) on infrastructure projects for the next six years, Finance Secretary Benjamin Diokno bared Wednesday.

Diokno said this was included in the Medium-term Fiscal Consolidation Framework which the economic team submitted on Wednesday.

“And that on the Build, Build, Build Program, we are committed to spending some five to six percent of GDP for infrastructure annually, between 2023 to 2028,” Diokno said in a press briefing.

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“As you know, during the last 50 years before [former President Rodrigo] Duterte, the spending on infrastructure was only less than two percent,” he added.

Meanwhile, Diokno said the Marcos administration is also targeting to lower the national debt to 60 percent of the GDP by 2025.

“Now on the debt, national debt and you keep harping on this 60 percent, that’s the target. It will be down to 60 percent by 2025,” Diokno said.

“Right now, it’s around 63 percent. So it will be slowly tapering off to 60 percent by 2025,” he added.

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The article was originally published in Inquirer.NET and written by Neil Arwin Mercado.

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