PNoy OKs P72B stimulus package for infra, reconstruction plans

President Benigno Aquino III has approved in principle a P72-billion stimulus package for the country’s infrastructure and reconstruction plans. Presidential spokesperson Edwin Lacierda refused to give details of the package, saying Aquino will announce parts of it in his speech at the 20th anniversary of the Local Government Code Tuesday afternoon and his meeting with the Foreign Correspondents Association of the Philippines (FOCAP) Wednesday morning. “That was approved yesterday in principle," Lacierda said at a press briefing on Tuesday. “The details will be disclosed by the President himself. Let’s just wait for the announcement by the President." Lacierda said the stimulus package was discussed Monday together with the macroeconomic updates. He also said the stimulus package is separate from the public-private partnership (PPP) projects. “The 72 (billion pesos package) does not include the PPP projects. Some PPP projects would require an ODA (Official Development Assistance) component but not all projects. It depends on the study made by the PPP center and also eventually by the review by NEDA (National Economic and Development Authority) ," he said. He said the Daang Hari-South Luzon Expressway project, which has been bidded out, did not require ODA, as well as the vaccine program of the Department of Health. - Amita O. Legaspi/KBK, GMA News