Finance Secretary Benjamin E. Diokno said on Sunday, Aug. 13 that an aggressive catch plan will be implemented for infrastructure projects, and government-owned and controlled corporations will be encouraged to respond more swiftly.
“Strong and deliberate spending by resource-surplus local governments are essential parts of the solution to the relatively weak second quarter growth performance of the Philippine economy,” Diokno told reporters in a mobile phone message. Public spending contracted by 7.1 percent, which is a reversal from the 6.2 percent growth observed in the first quarter and a notable decrease from the 10.9 percent growth recorded a year ago
However, he also said that challenges such as aggressive monetary tightening, supply bottlenecks, and rising commodity prices, influenced by the ongoing Russian invasion of Ukraine, can still impact the country.
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