Dear Friends -

Last year, one of the factors behind the lower-than-expected economic growth was low government spending, primarily in public infrastructure, which resulted from a thorough review of projects and the procurement process. Issues have been addressed and progress has been much faster and smoother in 2012.

Attached please find a progress report from Public Works and Highways Secretary Rogelio Singson in a presentation made before the Financial Executives Institute on March 20. The key highlight is that 80 percent of projects scheduled in 2012 have been bid out and awarded as of the first quarter of the year.

Sincerely yours,

Bill

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