Philippine President Endorses 2009 Budget Aimed at Boost Economy
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Philippine President Gloria Macapagal-Arroyo has signed into law 2009 national budget that aims to boost public spending to head off recession, a cabinet official announced on Friday.
Budget Secretary Rolando Andaya told local reporters that the budget, valued at 1.414-trillion pesos (US$29 billion), will help "blunt the effects of the global economic downturn on the country."
The budget includes a sweeping 330 billion pesos (US$6.8 billion) stimulus package for infrastructure, job creation and subsidies programs to wheel the economy.
The government last month cut its 2009 growth forecast to between 3.7 and 4.4 percent and warned the budget deficit would float to 178 billion pesos (US$3.67 billion), about 2.2 percent of gross domestic products (GDP).
(Xinhua News Agency March 13, 2009)