The government will spend another P100 billion this year to further perk-up the Philippine economy in the wake of global financial crisis, the Department of Finance (DoF) said Monday.

Finance Secretary Margarito B. Teves, said the economic stimulus fund is intended to upgrade the country's infrastructure facilities, such as power, telecommunications, airports and water.

“We're hoping that the world recovery [next year] will be strong enough that the stimulus program that we had in 2009 and in some extent in 2010 will not be as needed as they were in those two years,” Teves told reporters.

The Philippines needs $87 billion in infrastructure investments over the next 15 years to spur economic growth in the country, Teves said.

The estimate was made by the Asian Development Bank, Teves said, as he underscored the need for improving infrastructure to sustain economic growth and development in the country.

"Adequate infrastructure system such as those in energy, water, transportation, are the backbone of today's economy," Teves told an investment forum at the ADB headquarters in Manila. Investments in the sector provide access to local and global markets, support private sector development and provide opportunities for people living in poor and remote communities, he said.

Last year, the Arroyo government unveiled its P330 billion Economic Resiliency Plan aimed at cushioning the impact of the global financial crisis on the Filipino people, particularly the marginalized sector of the society.

Teves said that this latest stimulus program has already been part of the 2010 spending program of the government.

“It's part of the 2010 budget program,” he said, adding the 2010 stimulus program would not result to more government borrowings.

Aside from infrastructure facilities, the stimulus program also aims to save and create jobs; protect the poorest of the poor, returning overseas Filipino workers and workers in export industries; ensure low and stable prices to support consumer spending; and enhance competitiveness in preparation for the global rebound.

The Development and Budget Coordinating Committee (DBCC) sets 2010 budget deficit at P293.2 billion, while the country's gross domestic product (GDP) is seen expanding between 2.6 percent and 3.6 percent, lower than its previous projection of 4.3 percent to 5.3 percent.