PH infra spending hits P1.142-T mark in Jan.-Sept., up 11.9% — DBM

The Department of Budget and Management (DBM) said Tuesday that the government has so far spent P1.142 trillion for its public infrastructure initiatives in the first nine months of 2024.

Data released by the DBM showed that infrastructure spending from the January to September 2024 period was 11.9% higher than the P1.021 trillion recorded in the same period in 2023.

The infrastructure expenditures in the first nine months of the year was also bigger than that of the entire 2022’s P911.6 billion, 2021’s P807.5 billion, and 2020’s infrastructure spending of P595 billion.

The DBM said the P1.142-trillion public funds spent on infrastructure during the period was equivalent to 75.6% of the total P1.510-trillion allocation for infrastructure for the whole of 2024.

The agency said Budget Secretary Amenah Pangandaman has noted that the Philippines is on-track to achieve its target of 5% to 6% infrastructure spending under the Marcos administration’s Medium-Term Fiscal Framework. — BAP, GMA Integrated News