Worldwide infrastructure spending is trending upward, but the Philippines are making up for lost time. National spending there grew by almost 50% annually in the first two months of the year as the government continued to speed up project implementation.
The Philippines have a population of just under 100 million living on 7,107 islands in the Pacific Ocean. The capital Manila, combined with nearby Quezon City, forms one of the worlds major urban areas. Transportation infrastructure in the country is relatively underdeveloped. In 2003, only 3.6% of GDP went to road and rail development. Roughly 20% of the country’s roads are paved and many major river systems have limited bridgework connecting regions within single islands.
Public spending for infrastructure rose by 49.2% to P49.8 billion in January to February from the P33.3 billion recorded in the first two months of 2013, government data showed.Expenditures for the broader spending category of capital outlays likewise increased by 39.1% annually to P61.3 billion in the two-month period from P44 billion a year ago.