The Iraqi government has stated that it has earmarked $82 billion for construction projects over the next few years as it looks to achieve stability reinvigorate its national economy.

Speaking at a press conference at the Iraqi embassy in Manila, the Philippines, ambassador Falih Al-Assadi explained that, over the course of 2008, 43 training courses operated by foreign specialists will be offered to professionals in the country, with a particular focus on diplomatic missions as well as the oil and gas industry.

Specifically, the country is expected to increase the rate of crude oil production to 2,720 barrels a day, both through the rehabilitation of existing sites as well as further investment in new exploration projects.

"Iraq has an estimated ten billion untapped oil reserves and we can help increase the global oil production once we are able to stabilize our nation," he concluded.

Also at the press conference, the Senator Miriam, the head of the Philippines' Foreign Relations Committee, revealed that his country is considering lifting the ban on workers going to Iraq, which has been in place since 2004, as the security situation in the region improves.