Off-budget interventions

These interventions include tapping the resources of government owned and controlled corporations and government financial institutions (GFI) for large infrastructure projects. These projects are critical in case the global crisis extends to a few more years. Social security institutions (SSI) are also encouraged to enhance benefits to members. These benefits should be time-bound and targeted, and are aimed at increasing purchasing power to help boost domestic consumption. SSIs are expected to spend PhP12.5 billion (US$266 million) each to provide these benefits.

 Government seeks to raise PhP100 billion (US$2.1 billion) with support from the private sector, GFIs and SSIs to lower financing costs for capital expenditures. It is also accelerating spending for infrastructure under the comprehensive and integrated infrastructure program (CIIP). The CIIP uses public and private sector sources of financing, namely:

• Official development assistance
• National budget/general appropriations act
• National-local government cost sharing
• Public-private partnership/joint venture
• Corporate funds
• Proceeds from those mandated by law (i.e. Electric Power Industry Reform Act)

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