Aquino gov't proposes P1.7 trillion budget for 2011
MANILA, Philippines - President Benigno "Noynoy" Aquino III's administration is proposing a 14% increase in the national budget for next year.
Budget Secretary Florencio Abad said that they will ask for a P1.77 trillion allocation for 2010 to help the government fund critical programs.
The government budget for this year is pegged at P1.54 trillion.
Abad said that the government is targetting revenues of P1.46 trillion next year to keep the deficit to GDP ratio at 3.3% of gross domestic product.
The record budget will also enable the government to spend more on its poverty alleviation and infrastructure development programs.
As for budget management, the Aquino administration is now studying ways to rein in spending including the rationalization of subsidies it give to government-owned and controlled corporations' like the National Food Authority and the Light Rail Transit Authority.
Abad said the government is setting an ambitious spending program for 2011, aimed at helping the poorest of the poor.
He said that the government is now busy re-allocating money from underperforming agencies and rationalizing expenditures at some others.