At the press conference, the President said that P6.5 billion of LGU Support Fund, P5.5 billion for infrastructure, P4.5 billion for configuration of MRT and P1.868 billion for LRT improvement will come from this fund.
According to the President, there is a fund to be used for the relocation of illegal settlers in Metro Manila.
In summary, the intent of the stimulus package is expected to alleviate poverty and help achieve economic growth target of 5-6 percent.
The President also hope that it will reduce the budget deficit this year.
He also said not to worry about global financial crisis, instead it will act as opportunities to grow and steady our economic situation.
"I have authorized additional expenditures of more than 72 billion pesos Between now and the end of the year. This spending will provide added stimulus to our economy. Included here is a support fund for LGUs, Which I announced yesterday. This will be worth and least 6.5 billion pesos, Which They can Spend on infrastructure development, poverty alleviation, and other programs that can help their respective communities Toward development, "said President Aquino.
Before launching such, some economists blamed about the government's frugality of funds that now causes a slower economic growth of countries in the first half year than expected.
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