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Philippines targets 71 bln USD budget for 2017

Xinhua, July 14, 2016 Adjust font size:

The Philippine government is eyeing 3.35 trillion- Peso (71.26 billion U.S. dollars) budget for next year, 11.6 percent higher than this year's budget, a senior government official said Thursday.

Budget Secretary Benjamin Diokno told reporters that the 2017 proposed budget represents 20.4 percent of the country's gross domestic product (GDP) compared to this year's 20.1 percent of GDP.

The proposed budget will be presented in a Cabinet meeting next week for the approval of President Rodrigo Duterte.

To improve the effectiveness and transparency of public spending, the Budget chief said the Two-Tier Budgeting Approach, also known as 2TBA, will be adopted.

"The 2TBA separate the budget preparation into two stages. The first tier, Tier 1, is dedicated to the discussion and deliberation of ongoing projects and programs, while Tier 2 is dedicated to new and expanding proposals," he explained.

He said the Department of Education will receive the highest allocation in next year's budget.

The proposed budget for 2017 will be submitted to 17th Congress when it opens later this month. Endit