I heard on the news there would be funds allocated towards increasing PhD holders in the country.

By academic convention, only MD (medical doctors) are allowed to use Doctor before their name.  Phd holders are not suppose to use the word Doctor before their names.  Even Mahatir knew this and told NST during an interview prior to his retirement when asked about bogus Phds in Malaysia.  Go to any reputable university and call a Phd holder a Doctor and listen to him quickly tell you about the convention.  Of course, if its not a reputable university or someone who desperately wants to show off his Phd (real or bogus), then you find out the wannabes.