Govt’s P8.4T infra spending to boost GDP, create jobs

THE government’s ambitious six-year infrastructure spending program of P8.4 trillion could boost the country’s real gross domestic product (GDP) by 3.4 percent and translate to 1.06 million additional jobs every year until 2022, the National Economic and Development Authority (NEDA) said.

“Assuming a public infrastructure spending baseline of 5.1 percent of GDP this year, and gradual increase of public infrastructure spending to 7.4 percent of GDP by 2022, we estimate… [that the impact] would be a little bit higher than 5 percent by 2022,” Socioeconomic Planning Secretary Ernesto Pernia said during the first “Dutertenomics” forum held at the Conrad Hotel in Pasay City on Tuesday.