The Aquino government’s anti-corruption drive is partly the reason why government spending is falling, according to former National Economic Development Authority policy and planning director Dennis Arroyo.
Arroyo said the government is spending too much time going over contracts before releasing funds, and this is slowing economic growth. The local economy grew a a lower-than-expected 4.9% in the first quarter of the year due to a drop in global trade and less spending on infrastructure.
“They are being too careful. You have this anti-corruption goal, which is good. However, I think they are overdoing it,” he said in an interview on ANC’s “Business Nightly.”
He added: “We must correct ourselves and spend more and spend faster to create more jobs. It’s more of speeding up the process and being more confident that these are the correct contracts.”
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