The Philippines said on Monday it was ready to release funding for infrastructure projects worth PHP141.8 billion (USD3.2b), and wanted to start spending early in 2012 as it looks to stimulate economic growth.

Budget and Management Secretary Florencio Abad said the government aimed to accelerate spending for roads, bridges, airports and seaports, classrooms, water supply and flood control systems, and irrigation and post-harvest facilities.

Manila faced criticism last year after lower-than-planned government spending dampened economic growth. It has forecast GDP growth of 5 to 6 percent this year, up slightly from expected growth of 4.5-5.5 percent in 2011.