Budget for 2016 submitted to Philippine congress

Philippine President Benigno S. Aquino III submitted Tuesday the proposed 3.002-trillion-Peso (65. 93 billion U.S. dollars) 2016 national budget to the congress.

Budget Secretary Florencio Abad, who brought the budget proposal to the House of Representatives on behalf of the president, said next year's budget is double the budget of the past six years, from 1.541 trillion pesos (33.84 billion U.S. dollars) in 2010 to the 3.002 trillion peso (65.93 billion U.S. dollars) planned for next year.

Next year's proposed budget is also 15.2 percent higher than the 2015 enacted budget.

Abad also said the gross domestic product (GDP) share of 19.5 percent in 2016 will take up a larger share of the economy as compared to 18.7 percent of the GDP in 2015 and 16.4 percent of the GDP in 2010.

Social services will have the biggest budget allocation of 1. 1059 trillion peso (24.27 billion U.S. dollars), which is 36.8 percent of the proposed budget.

This was followed by economic services with allocation of 829.6 billion peso (18.21 billion U.S. dollars), 27.64 percent of the proposed budget.

Defense received 129.1 billion pesos (2.83 billion U.S. dollars) , which increased by 11.5 percent as compared to last year's allocation.

This allocation will fund the modernization of the Armed Forces of the Philippines (AFP), Abad said.

Aquino has expressed hope that the proposed 2016 budget will be passed within the year. Endi