Extended crisis requires additional funds — Recto

WARNING THAT THE GLOBAL ECONOMIC SLOWDOWN could last until 2011, Socioeconomic Planning chief Ralph G. Recto yesterday said the government should hike spending on infrastructure by P200 billion to P300 billion over the next two to three years.

The money — which he said should be spent on projects such as new metro lines, a dam to supply water to Metro Manila, and power plants — could come from official donors such as the World Bank and not necessarily the government.

Mr. Recto, the National Economic and Development Authority (NEDA) director-general, told reporters it had now become more evident that the global downturn would last longer, probably until 2011, requiring the administration to plan beyond 2009.

[Read More...]

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>