By Roderick T. dela Cruz

The government?s P300-billion economic resiliency plan will enable the economy to grow by as much as 4.7 percent in 2009, despite the global economic downturn, according to the head of the National Economic and Development Authority.

Economic Planning Secretary and Neda director-general Ralph Recto said the plan would be a key to sustainable growth and help attain the higher end of growth targets for the year.

Recto said the resiliency plan, which is the country?s own economic stimulus package, would kick off this year in response to the global economic crisis.

The Development Budget Coordination Committee, which is composed of the government?s economic managers, expects a gross domestic product growth range of 3.7 percent to 4.7 percent in 2009.

GDP grew 4.6 percent in the first three quarters last year, and is expected to achieve the high end of the government?s full-year growth forecast of 4.1 percent to 4.8 percent for 2008, Recto said earlier.

Recto said the government this year planned to upgrade infrastructure and capital stock and expand social protection at the same time.

He said the resiliency plan sought to save and create jobs, protect the poorest of the poor, returning migrant Filipino workers and those in the export industries, ensure low and stable prices to support consumer spending, and enhance competitiveness in preparation for the global rebound.

One component of the plan involves spending 60 percent to 80 percent of the productive portion of the 2009 budget of implementing agencies during the first semester, especially in the infrastructure sector.

Recto noted that the government, which accounts for 20 percent of the GDP, spent only 30 percent of its budget in the first half of 2008,.

The planned frontloading and spending for the first half this year is expected to boost private sector confidence in the economy.

The Neda chief said the government was accelerating spending for fast, off-the-shelf infrastructure, which has simple engineering requirements and no right-of-way problems.

?We are encouraging the government financial institutions, government-owned and -controlled corporations, local government units and the private sector to participate in these infrastructure projects,? he said.