Friday, August 1, 2014

PNoy submits P2.61-T 2015 national budget to Congress July 31, 2014

From the Website of the President

PNoy submits P2.61-T 2015 national budget to Congress July 31, 2014
President Benigno S. Aquino III—through the Department of Budget and Management (DBM)—today submitted the government’s proposed P2.606-trillion 2015 National Budget to Congress, in fulfillment of the Administration’s commitment to further facilitate rapid, inclusive, and sustainable growth in the country.

The Administration’s proposed expenditure program for 2015 is 15.1 percent higher from the current year’s P2.265-trillion budget, representing 18.4 percent of the country’s Gross Domestic Product and reflecting the jump in the Administration’s growth assumption of 7.0-8.0 percent for 2015.

“Our proposed spending program is an expression of the President’s unerring commitment to bring inclusive socio-economic development to the people. In 2011, we started our budget reform agenda from the jump-off point of good governance, with the end goal of lifting more Filipinos out of poverty.

“It has been four years since President Aquino assumed his position, and the 2015 proposed Budget—aptly themed Kaunlaran Para sa Lahat—shows the progression of our priorities. Now that we’ve set many of the critical foundations of good governance, we’re working harder at bringing inclusive growth to the country through transparent, accountable, and participatory budgeting,” Budget and Management Secretary Florencio “Butch” Abad said.

According to Abad, the 2015 Budget takes off from the achievements that the Administration has so far recorded over the last four years, including various fiscal reform accomplishments, as well as several groundbreaking investments in social protection and economic services.

“The Philippines was once considered the weak man of Asia, so to speak. By now, however, we’ve earned quite a reputation as one of the region’s most promising economies, given the expansion of our GDP and our unprecedented governance gains.
“This time around, the challenge is for us to make public spending even more efficient and effective, especially in the wake of the previous year’s calamities. Thousands of Filipinos are still recovering from the effects of Super Typhoon Yolanda and other disasters that struck the country in 2013, and this budget—in line with the Administration’s Philippine Development Plan—will carefully account for these communities’ needs. No one should be left behind; this principle is the driving force of our 2015 expenditure program,” Abad said.

Social services continue to take the lion’s share of the proposed 2015 budget, attesting to the Administration’s continuing pursuit of its antipoverty goals. Social protection and welfare services—which include the provision of basic education and universal health care—account for 37.1 percent of the proposed expenditure program, with P967.9 billion now devoted to the sector.

This amount is 15 percent higher than the P841.8 billion that currently supports social services under the 2014 National Budget, and will allow the Administration to strengthen its K-12 program, as well as the Universal Health and Conditional Cash Transfer programs.
Economic services are still a major mover in the President’s inclusive growth campaign, with the 2015 proposed budget directing P700.2 billion towards this sector. This comprises 4.9 percent of the country’s GDP and accounts for 27 percent of the expenditure program for the next fiscal year. At least P339.4 billion in funds will go towards various infrastructure programs, including the construction of national roads and integrated transport systems nationwide.

Office of the President Website

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