PGMA allots P500m for roads; P100m for Zambo


President Arroyo leads the groundbreaking ceremonies
February 8 for the proposed historical marker at the
site where Dr. Jose Rizal disembarked from the boat
that brought him to exile in Dapitan, Zamboanga del
Norte on July 17, 1892. The landing site project has
a total cost of P15 million. With the President in photo
are (from left) Zamboanga del Norte Governor Rolando
Yebes, Rep. Cecilia Jalosjos Carreon, Vice Governor
Francis Olvis and other local officials. (OPS-NIB)

PRESIDENT Gloria Macapagal-Arroyo on Wednesday ordered the Department of Budget and Management (DBM) to release immediately P500 million for various road projects in the country, including P100 million or one-fifth of the entire amount, to fund the completion of the long delayed Zamboanga-Pagadian national road project.

The President issued the directive during her meeting with members of the various publications and radio stations at the Natalia Hall of the Camila Hotel here.

"I have instructed the DBM to release P500 million today for the completion and repair of major roads," the President told some 100 reporters and guests.

She pointed out that the new allocation and the other funds released early this year are part of her administration’s P35 billion outlay to pump prime the economy.

She added that funding for her pump priming projects was made possible because of the renewed investor confidence in the country, stability of the economy, good governance and tax reforms, particularly the Reformed Value Added Tax (R-VAT) Law.

The President also pointed out that the recent favorable investment rating of the country by the consultancy firm CalPERS (California Public Employees' Retirement System) was a contributing factor to the improved economy. (OPS)