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PIA Press Release
2007/06/22

Govt prioritizes PGMAs pro-growth programs - DBM

By Rose Palacio

Davao City (22 June) -- Department of Budget and Management (DBM) Secretary Rolando Andaya, Jr. said that the government is prioritizing so-called pro-growth programs of President Gloria Macapagal-Arroyo.

The administration would increase expenditures and services for infrastructure and services while spending less for debt servicing.

We will free P22 billion from debt service and use this for productive purposes. More funds will now go to farms, roads and schools, said Secretary Andaya.

He said budget allocation for social services will increase to P335.4 billion in 2007 from P256.8 billion last year (2006).

Andaya noted the robust tax collections as reported by the finance department, spending for economic and social services would swell while interest payments are expected to shrink

The DBM said the share of debt service to the national budget is projected to decline to 28.8 percent from last years (2006) 36.2 percent

In another development, the government will adjust the fiscal program for 2009 and 2010 to reflect the increased allotment of funds for pump priming instead of debt reduction.

The inter-agency Development Budget Coordination Committee (DBCC) is reviewing targets, but will keep fiscal levels up to 2008 only the year finance and budget officials are expecting a balanced budget.

DBCC sources said that for 2009 and 2010 there is a projected budget surplus of P12.1 billion and P17 billion. This is after debt level is reduced to zero by 2008. (PIA XI) [top]

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