Editorial: On the National Budget
Quezon City (4 September) -- The government's 2008 proposed budget shows its optimism on the country's economic growth. It is based on a real GDP (Gross Domestic Product) growth of 6.1 to 6.8 percent, inflation rate of between three and four percent and a foreign exchange forecast of 46 to 48 pesos to a dollar.
The government's proposed national budget of P1.227 trillion will be totally supported by internal revenues. It is a budget that will not have a single borrowed peso, for government is ushering in an era of balanced budgets and even budget surpluses.
By the end to this year, government has tamed the deficit and trimmed the debt because government has tapped its potentials.
After years of debt dependency, the government is finally operationalizing a self-supporting budget. Government will be living within its means and there will no turning back.
In this proposed budget, there will be a P49.4 billion increase in government employees and retired personnel payroll, premiums, and pension. This will allow the government to hire more employees and increase the pay of existing ones.
The increase will be used to hire 10,000 new teachers, 1,661 new school principals, 3,500 policemen and 500 jail guards.
Another round of salary increase, planned for next June has also been budgeted. (PIA) [top]