Duterte signs P4.1-trillion national budget for this year

Credit to Author: Tempo Desk| Date: Mon, 06 Jan 2020 09:29:09 +0000

PRESIDENT Duterte signs the proposed P4.1-trillion national budget for 2020 into law in Malacanang. (Alvin Kasiban)

By GENALYN D. KABILING

President Duterte yesterday signed into law the  proposed P4.1-trillion national budget for 2020 in a bid to sustain government programs on education, healthcare, and infrastructure development, among others.

The President inked Republic Act No. 11465 or the General Appropriations Act for Fiscal Year 2020 in Malacanang and vowed to ensure it would be protected from corruption and waste.

“I am pleased to join you today as we welcome the New Year with hope — much hope for the future of our nation. The passage of the 2020 General Appropriations Act is proof that with the invaluable help of both Houses of Congress, this government can effectively work together towards the enactment of key legislative measures that will support our development agenda in the next two-and-a-half years,” he said in his remarks.

“Let us ensure that every peso in the budget will never be used to support the selfish greed of the few, but spent exclusively for the benefit and service of Filipino taxpayers,” he said.

Duterte said like in previous years, the government would continue to allocate “a great portion” of the national budget for infrastructure development and social services and other programs that will touch the lives of the people.

“Representing almost 20 percent of our projected GDP for 2020, this year’s P4.1-trillion budget will support our vision of a more peaceful and progressive Philippines – an upper bracket-income country that has already cut poverty rate to just 14 percent and achieved a 7.5 percent GDP growth by 2022,” he said.

Under the 2020 national budget, Duterte the government will spend 36 percent of the budget to fund programs on education, healthcare, housing, and social welfare.

Around 29 percent of the budget will be used for infrastructure, tourism, trade, job generation, and agriculture while 11 percent will be allotted for debt servicing to reduce the government debt to just 39 percent of the GDP by 2022.

The President has also expressed gratitude to Congress for supporting the government’s fiscal policies through the continued adoption of the Cash Budgeting System and the full implementation of the Comprehensive Tax Reform Program.

He also recognized the “invaluable contribution” of the Department of Budget and Management led by Secretary Wendel Avisado for their effo
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