‘Build Build Build’ drives faster Q3 growth – DBM
Increased government spending unlocked the faster-than-expected growth logged during the third quarter.
The infrastructure spending drive of the Duterte administration has started to pick up steam, as evidenced by the 6.9 percent gross domestic product (GDP) growth logged between July-September.
In a statement, Budget Secretary Benjamin Diokno said increased government spending contributed 0.9 percentage points to growth, with public construction zooming ahead by 12.6 percent.
“A primary driver of growth and public spending is the Build Build Build Program of the Duterte Administration,” the Department of Budget and Management said in a statement.
Infrastructure spending totaled P142.1 billion during the period, up by 15.4% year-on-year and exceeding the P137.8 billion programmed during the period.
Government agencies also improved their spending habits, with cash utilization up by 95.2 percent.