Aquino to submit proposed P1.816 trillion budget for 2012 | Inquirer News

Aquino to submit proposed P1.816 trillion budget for 2012

MANILA, Philippines—President Aquino will submit his proposed P1.816 trillion budget for next year on Tuesday, a day after he delivers his second State of the Nation Address (SONA) in Congress.

It will be the first time after more than a decade that a budget proposal was submitted to Congress a day after a SONA was delivered by the President, according to a statement by the Department of Budget and Management.

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On July 27, 1999, former President Joseph Estrada submitted his budget proposal a day after he delivered his second SONA on July 26 of that year.

Budget Secretary Florencio Abad said there was a “great chance” the 2012 proposed national budget will be approved before Christmas with House leaders agreeing to start its budget deliberations on August 1.

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The proposed national budget for 2012 is higher by P171 billion or 10.4 percent over the current year’s P1.645-trillion budget, and represents 16.5 percent of the projected gross domestic product (GDP). It is based on a conservative growth assumption of 5.5 percent, even as the administration continues to vie for 7-8 percent growth.

Abad  said the proposed national budget for next year is a “results-focused budget” which aims to fulfill President Aquino’s social contract with the people.

He said the proposed budget focuses on the following Social Contract priorities: anti-corruption and good governance, poverty reduction and the empowerment of the poor, inclusive economic growth, just and lasting peace and the rule of law and integrity of the environment.

“We have scaled-up funding for programs and projects that lead to direct, immediate and substantial benefits to the poor. At the same time, we scaled-down funding for activities which have been ineffective and prone to corruption,” Abad said.

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TAGS: Benigno "Noynoy" Aquino III, budget, Government, News, SONA 2011
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