MANILA, Philippines?President Gloria Macapagal-Arroyo finally approved the P1.54 trillion national budget for 2010, but did not yield to the lawmakers? realignment of P64 billion from debt payment to pet projects.

Arroyo signed General Appropriations Act or Republic Act 9970 Monday night, the eve of the kick-off of the campaign for national candidates in the May elections.

While it is 8 percent or P115 billion higher than the P1.415-trillion 2009 budget, this year?s outlay was geared toward fiscal stimulus spending ?but on a moderate level,? Budget Secretary Rolando Andaya said.

?More investments...in infrastructure, education, and social services but more on a moderate level based on the capability of the departments to spend these amounts,? he told reporters in an ambush interview.

Until its passage Monday night, the government had been operating on 2009 reenacted budget.