Aquino inks 2012 national budget
Thursday, December 15, 2011
PRESIDENT Benigno Aquino III signed into law Thursday the P1.816-trillion national budget for 2012.
The budget, which is 10.4 percent higher than this year’s budget of P1.645 trillion, was the earliest approved since democracy was restored in 1986.
President Aquino described the budget as “results-focused budget” driven toward the delivery of direct and substantial benefits to the people, particularly the poorest and most marginalized.
He said the administration will ensure not just the immediate release of the funds but a transparent government spending.
By sector, the social services will receive the bulk of the budget pie with P568.6 billion, followed by the economic sector with P438.8 billion, debt burden with P356.1 billion, general public services with P338.1 billion and defense with P114.4 billion.
The Department of Education (DepEd) continues to the biggest allocation this year with P238.8 billion — 15.2 percent higher than the 2011 budget of P207.3 billion.
The Department of Public Works and Highways (DPWH) is the second with P125.7 billion, followed by the Department of National Defense (DND) with P108.1 billion, Department of Interior and Local Government (DILG) with P99.8 billion and the Department of Agriculture (DA) with P53.3 billion.
The DA will get the biggest budget increment (53.6 percent) to support various initiatives geared towards rice and food-self-sufficiency.
Also included in the top 10 agencies that will get the biggest bulk of the budget include: Department of Social Welfare and Development (DSWD) with P48.9 billion, Department of Health (DOH) with P44.4 billion, Department of Transportation and Communications P34.7 billion, Department of Agrarian Reform (DAR) P18.3 billion and the judiciary with P15.7 billion.
One of the items vetoed by the President in the General Appropriations Act (GAA) is the imposition of debt cap.
Budget Secretary Butch Abad said putting a ceiling on public sector indebtedness would have forced the government to constrict spending, especially on critical social services and infrastructure.
He noted that the public sector debt as of 2010 already stood at 73.3 percent of gross domestic product (GDP), which is well beyond the 60-percent debt cap provision included by Congress in the General Appropriations Bill. With this, a debt cap would tie the hands of the Executive.
“The Executive should be given flexibility in managing its finances and in borrowing responsibly in order to stimulate economic growth and provide ample social services to the poor,” he said in a statement.
Abad assured that the government is committed to reduce the fiscal deficit and public sector debt stock in the medium-term.
He noted that fiscal consolidation efforts have so far gained ground, leading to increased investor and creditor confidence in the country.
He added that prudent and efficient liability management efforts of government, including debt swaps, have improved the quality of government debt through lower interest costs and extended maturities from an average of 7.9 years as of June 2010 to 9.2 years as of July 2011.
Savings from interest payments so far this year have reached P35.6 billion as of end-October, he stressed. With this, the share of the debt burden, including interest payments, on the national budget has been decreasing from 20.6 in 2010 to an expected 19.6 percent in 2012.
“Because of its prudent fiscal management, the Aquino government achieved three credit ratings upgrade in a row this year. We will only negate that feat with a debt cap: it will risk increasing the cost of our debt and restrict the flow of investments in our country,” he said.
The provision inserted by Congress and vetoed by the President, states that “the total indebtedness of the national government and any of its agencies, offices, GOCCs, which carry the sovereign guaranty of the Republic of the Philippines, shall not exceed 60 percent of the latest GDP.”
Also, any borrowing in excess of the ceiling requires prior consent of Congress.
Abad said to jump-start economic growth next year, the government is ready to spend P140 billion for infrastructure projects starting January 2012.
“In contrast to 2011 when infrastructure spending was delayed, we intend to begin 2012 on a very strong note. Various infrastructure projects amounting to around P140 billion can be implemented by departments and agencies as early as the first working day of January 2012,” he said.
“We earlier directed agencies to disaggregate their 2012 budgets into specific projects before the budget was submitted to Congress in July; and to already bid them out short of award, so that notices to proceed can be issue in January,” he added.
He also said that government efforts to ensure vigorous economic development in 2012 will be supported by a larger outlay for the economic services sector, which posted a 21.3-percent increase to P438.8 billion.
Abad said the new fiscal year blueprint will sustain strategic reforms designed to improve fund management efficiencies and combat corruption.
The budget department will continue to exercise crucial reforms introduced in 2011, including zero-based budgeting and the active engagement of civil society organizations (CSOs) in budget drafting.
“The ZBB scheme was key to minimizing budget irregularities, enabling the DBM to direct more funds to projects and programs that require the most attention…We will also continue involving CSOs so that specialized sectoral issues are adequately addressed at each turn,” he said.
Present during the budget signing were Senate President Juan Ponce Enrile, House Speaker Feliciano Belmonte Jr, other lawmakers and Malacañang officials. (Jill Beltran/Sunnex)
http://www.sunstar.com.ph/manila/local-news/2011/12/15/aquino-inks-2012-national-budget-196073
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