OPTIMISTIC
MANILA, DECEMBER
21, 2011 (BULLETIN) The P1.816-trillion General Appropriations
Act (GAA) for 2012, Republic Act 10155, was signed by President Benigno S.
Aquino III on December 15, 2011.
The 2012 National Budget is described as a "results-focused budget" that
seeks greater funding to achieve the Aquino Administration's Social Contract
with the Filipino People, which defines five priority areas: Transparent,
accountable, and participatory governance; poverty reduction and empowerment of
the poor and vulnerable; rapid, inclusive, and sustained economic growth; just
and lasting peace and the rule of law; and integrity of the environment and
climate change adaptation and mitigation.
President Aquino says, "The 2012 National Budget is biased for the poor. We
must change the way we implement our poverty interventions. We cannot combat
poverty in a business-as-usual manner; otherwise funds will go to waste and the
poor will continue to be poor.
With the reduction of leakages, inducement of efficiencies and better
selection of project priorities, we can ensure that more of our people's
hard-earned tax money is spent on programs, projects, and activities that
benefit them the most."
The 2012 National Budget, which is 10.4 percent higher than the
P1.645-trillion 2011 budget, is the highest in Philippine history. It represents
16.5 percent of the projected Gross Domestic Product and is based on a
conservative growth assumption of 5.5 percent as the administration sees a 7-8
percent growth for 2012.
The Department of Education will get the biggest slice of the total budget
followed by the Department of Public Works and Highways, the Department of
National Defense, the Department of Interior and Local Government, and the
Department of Agriculture.
By sector, social services have the biggest funding, followed by economic
services, debt service, general public services, and defense. Flagship projects
of the administration such as the conditional cash transfer will get P39.4
billion.
The administration's "Daang Matuwid" (straight path) and anti-corruption
pledge have been raising people's hopes.
As department and agencies start executing their programs and projects
starting January, 2012, it is expected that a prudent spending of the 2012
National Budget will translate to better services and greater economic
opportunities for many Filipinos, especially the less privileged and
marginalized.
Business More Optimistic In 2012Forecasts Stronger 6% GDP
ExpansionBy BERNIE CAHILES-MAGKILAT
MANILA, Philippines — Businessmen are looking forward to brighter six percent
economic growth in 2012 on the back of the implementation of the Public-Private
Partnership (PPP) projects, the centerpiece of the Aquino administration's
infrastructure development program, and improved government spending.
"We should aim for six percent GDP next year," said Ambassador Francis Chua,
President of the Philippine Chamber of Commerce and Industry (PCCI).
Chua said he was optimistic that government would finally put on the block
the huge infrastructure projects identified under the PPP early next year to
perk up the local economy.
"Hopefully, the international front will also cooperate and the Euro and US
crisis would be over," he added.
If the US and Europe economies recover in 2012, Chua said this would mean
higher exports for the Philippines to these markets especially in the
electronics sector. Economic recovery in these two markets could also boost the
country's tourism sector.
"There are also exciting changes in the mining sector next year," Chua said.
Chua, who will be succeeded by Miguel B. Varela next year as PCCI president,
cited the local economy for being resilient despite the challenges.
"We should be happy to close the year with four percent GDP," Chua told
reporters.
Aside from the continued strong investments inflow in power, tourism and BPO
sectors, Chua said the domestic economy is still positive.
"Taking consideration all the challenges including the global impact of the
US and Europe crisis, and yet we are still positive. We should be happy," Chua
said.
He said the last quarter of the year should have been better had it not for
the impact of the typhoons on properties and agricultural produce.
Chua, however, believes that 2012 would be a better year.
His projection of a better 2012 is anchored on the fact that the Aquino
administration is already on its third year and should be able to focus on
implementing projects particularly the PPP program.
"I do expect 2012 to be a much much better year considering our president is
already on his third year in office and the administration has already learned
the ropes and wile sincerely believe in the implementation of the PPP projects,
so the outlook is bright," Chua said.
The growth drivers for next year would be the same sectors that contributed
to the growth of the economy.
These are tourism, BPO and mining.
"The Philippines is a well kept secret in the areas of tourism. There is a
huge potential for the country's tourism," he said.
He also said that OFW remittances have remained high and that should propel
the economic growth.(BCM)
Chief News Editor: Sol Jose Vanzi
© Copyright, 2011 by PHILIPPINE HEADLINE NEWS ONLINE
All
rights reserved
PHILIPPINE
HEADLINE NEWS ONLINE [PHNO] WEBSITE
[Non-text portions of this message have been removed]
------------------------------------
-------------------------------------------------------------
Follow us on Twitter: http://twitter.com/phnotweet
This is the PHILIPPINE HEADLINE NEWS ONLINE (PHNO) Mailing List.
To stop receiving our news items, please send a blank e-mail addressed to: phno-unsubscribe@yahoogroups.com
Please visit our homepage at: http://www.newsflash.org/
(c) Copyright 2009. All rights reserved.
-------------------------------------------------------------Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/phno/
<*> Your email settings:
Individual Email | Traditional
<*> To change settings online go to:
http://groups.yahoo.com/group/phno/join
(Yahoo! ID required)
<*> To change settings via email:
phno-digest@yahoogroups.com
phno-fullfeatured@yahoogroups.com
<*> To unsubscribe from this group, send an email to:
phno-unsubscribe@yahoogroups.com
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
