Philippine President Seeks Passage of P907.6-B Budget to Boost Economic Growth

Strategic Insights -

Philippine President Gloria Macapagal-Arroyo is pushing for the approval of the P907.6-billion (US$16.7 billion) budget for 2005, aiming to increase economic growth and investments. She stated that the budget will be a crucial step in turning around the economy and improving the socio-economic condition of Filipinos. The President emphasized the need to redirect taxpayer funds into important programs, such as education, healthcare, and crime prevention, and cited the allocation of 28% of the budget to the social sector as a priority.

Key Takeaways:

  • The Philippine President is seeking the passage of a P907.6-billion budget for 2005, which is meant to boost economic growth and investments.
  • The budget will accelerate the implementation of President Arroyo's 10-point pro-poor agenda, which aims to improve the socio-economic condition of Filipinos.
  • The social sector will receive the largest share of the budget, with P250 billion (28%) allocated to support three million entrepreneurs over the next six years.
  • The economic sector will get P160 billion, agricultural and agri-business sector P19 billion, and infrastructure P56 billion from the 2005 budget.
  • President Arroyo noted that the passage of the budget will be viewed positively by the international community, including investors and bankers.
  • The Honda expansion program, valued at P1.3 billion, is expected to create new investments and expansions in the country.

Statistics:

  • P907.6 billion: Budget for 2005
  • 28%: Allocation to the social sector
  • P250 billion: Allocation to the social sector
  • P160 billion: Allocation to the economic sector
  • P19 billion: Allocation to the agricultural and agri-business sector
  • P56 billion: Allocation to infrastructure programs
  • P1.3 billion: Value of the Honda expansion program
  • 500,000: Current motorcycle production capacity of Honda
  • 1 million: Targeted motorcycle production capacity of Honda by 2008

Sources:

  • PNA, Feb 28 (no publication date mentioned)