Philippines launches $1.66bn stimulus programme

MANILA: Philippine President Benigno Aquino on Wednesday announced a 72-billion-peso ($1.66-billion) stimulus programme to boost his country's economy amid the global economic turmoil.

"I have authorised additional expenditures of 72 billion pesos between now and the end of the year. This spending will provide added stimulus to our economy," Aquino told reporters.

"The stimulus (funds) will be spent on projects that will have a high macro economic impact and help the poor," the president added.