Aquino signs P1.645-T national budget

Posted at 12/27/10 10:25 AM

Vetoes several provisions in 2011 General Appropriations Act

MANILA, Philippines (1st UPDATE) - For the first time in a decade, the national budget for the next fiscal year has been approved.

President Benigno “Noynoy” Aquino IIII signed the P1.645-trillion national budget for 2011 on Monday morning, noting this would push agencies to pursue programs the soonest time possible.

He vetoed 13 general and special provisions in Republic Act 10147, however, saying these limit the powers of the Executive department. One of these is the provision that a put a cap on the government’s borrowings at 55% of the gross domestic product.

Aquino thanked members of Congress “who have worked in unison and through constructive dialogue” for retaining the proposed budget in poverty reduction, such as the conditional cash transfer program.

“The budget is the most important act of any Congress. Its early passage means that the much-needed programs for poverty alleviation and development can be implemented earlier,” he said.