Budget chief: P20B may be added to P72-B stimulus package

Budget Secretary Florencio Abad said Monday the Aquino administration may infuse P20 billion more to the P72-billion stimulus package earlier approved by President Benigno Aquio III. At the sidelines of National Anti-Poverty Commission’s sectoral assembly in Pasay City, Abad said the additional fund will depend on how the initial amount will be spent. "Another 20 billion, but we will have to perform," he said. He said they initially proposed a P90-billion stimulus package but President Aquino only approved P70 billion. "He's (Aquino) concerned about absorption. We will know by mid-November if we can still access P20 billion more," Abad told reporters. "We are hoping to accelerate the disbursement of the first P70 billion then go back to the President, and if we can show a good disbursement range, then we might be able to convince him (to order the release of additional P20 billion)," he added. He said the additional fund will be used for rural electrification, rice procurement and additional infrastructure projects. "The main objective is to get more economic activity going, especially in basic services like road construction, and hopefully by doing that we will be increasing spending levels, to sana nga P300 billion deficit spending," Abad said. Last Wednesday, Aquino said the stimulus package would include a P6.5-billion support fund for local government units, for infrastructure development, poverty alleviation, "and other programs that can help their respective communities toward development." He also approved the allocation of P10 billion for resettlement and relocation of informal settlers and families in danger zones and P5.5 billion on various infrastructure projects under the Department of Public Works and Highways. — RSJ, GMA News