President Aquino signs the P3.002-trillion budget for 2016, during the Presidential Enactment Ceremony at the Malacañang Palace. (INQUIRER PHOTO)
President Benigno Aquino III signed the P3.002-trillion national budget for 2016 yesterday morning.
The signing of the 2016 General Appropriations Act or Republic Act no. 10717, held at Rizal Hall in Malacañang, was witnessed by more than 200 government officials, including members of the Senate and the House of Representatives.
Aquino, in his speech, said it is the sixth time since he was elected President, that the budget was passed on time.
“Since we got into office and until the last chapter of my term, we have never failed to pass the budget on time,” Aquino said in Filipino.
Budget Secretary Florencio Abad said the administration has been able to double the national budget since 2010, claiming that they have provided the “largest sectoral allocation to social services.”
Of the amount, P436.5 billion will go to the Department of Education while the Department of Public Works and Highways will receive P400.4 billion. Other agencies receiving a large share of the pie are the Department of National Defense (P175.2 billion), Department of Interior and Local Government (P154.5 billion), Department of Health (P128.5 billion), Department of Social Welfare and Development (P111 billion), Department of Agriculture (P94 billion), Department of Transportation and Communications (P48.5 billion), and Department of Finance (P33.2 billion).
Aquino called the signing a “historic chapter” for the country.
Aquino recalled that when he came into power in 2010, the past administration left him with only a small amount of budget for the latter part of the year.
“Think about this: Of the P1.54 trillion of the whole budget allocated for 2010, only P100 billion or 6.5 percent can be freely used for the remaining six months of the year. The question is: Where did the money go?” he said.
Aquino pointed out that next year’s budget has five percent of the GDP allotted for infrastructure. The World Bank earlier suggested that the country target five percent of GDP for infrastructure spending in order to catch up with its Asian neighbors and attract more investors.
The President said the P400.4 billion allotted for DPWH, the agency with the second highest budget next year, will be spent on national roads and flood control projects.
A total of P38.9 billion was also allocated for the National Disaster Risk Reduction and Management Fund. Part of the budget will also be used to rehabilitate areas affected by typhoons and to construct evacuation centers.