Philippines to reclaim growth momentum with spending 'catch-up': finance chief

MANILA -- Finance Secretary Carlos Dominguez said Friday the government would formulate a "catch up plan" on spending to accelerate economic growth that was slowed by the delay in the passage of the 2019 budget.

Had the budget been passed on time, Dominguez said gross domestic product in the January to March period could have grown by 6.6 to 7.2 percent instead of 5.6 percent. The budget delay "hit our economy hard" resulting in P1 billion in underspending per day, Dominguez said. Spending commitments of P803.1 billion from the Department of Public Works and Highways and the Department of Transportation are enough to cover the national government's infrastructure target, Dominguez said.

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