Philippines' Aquino unveils $1.6B stimulus package

MANILA, Philippines (AP) — The Philippine president has announced a 72 billion peso ($1.66 billion) stimulus package to cushion the economy from the impact of a global economic slump amid Europe's debt crisis.

President Benigno Aquino III said Wednesday that additional spending this year includes 6.5 billion pesos ($149 million) for local infrastructure and poverty alleviation and 10 billion pesos ($230 million) to relocate squatters affected by floods and landslides.

Another 5.5 billion pesos ($126 million) will be spent on national infrastructure projects and 6.3 billion pesos ($146 million) to upgrade two of metropolitan Manila's light rail lines.

He says the stimulus "will be spent on projects that will have high macroeconomic impact, and will help the poor."