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PIA Press Release
2006/10/11

Gov't presents P1.137-T budget for 2007

By Rose B. Palacio

Davao City (11 October) -- Budget Secretary Rolando Andaya Jr. said he already has presented the proposed P1.137-trillion national budget for 2007 which has higher allocations for infrastructure and social services and smaller allocation for debt payments compared to this year's spending proposal

Andaya, who was in Davao to grace the recently-concluded launching of PX Mart at the regional office of the Department of Budget and Management (DBM) told local newsmen that the proposed national budget is a "pro-growth measure" because it increases spending in all areas except debt services.

Due to the robust-tax collection, spending for economic and social services will swell, while interest payments are expected to shrink, he said.

Allocation for social services will jump from P256.8-billion this year to P335.4-billion next year or an increase of 77 percent. The share of economic services will surge from P170.3-billion to P239-billion or an increase of 71 percent.

We are increasing spending for health, education, housing and the likes by 30 percent. We are putting P78.7-billion more for social services", he said.

For the first time in six years, interest payments will actually dip by as much as nine percent from P340-billion this year to P315-billion in 2007.

"We will free up P22-billion formerly allotted for debt service and use this for productive purposes. Instead of being remitted to our creditors, these funds will go to farms, roads and schools, he added. (PIA-XI) [top]

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