President Rodrigo Duterte has signed the proposed Php4.5 trillion 2021 national budget on Monday.
The President signed the spending measure for next year in a ceremony in Malacañang together with some members of the Senate and House of Representatives.
The government has set aside some 72 billion peso for the government’s vaccination program against COVID-19.
“This budget will allow us to heal and recover our economic trajectory. The economy has shrunk by 10% as of September due to COVID-19 quarantine rules and earlier lockdowns,” Duterte said in a televised speech.
The Education Department receives the biggest bulk of the budget followed by the Department of Public Works and Highways.
Meanwhile, the Health sector received the third biggest budget allocation amid the coronavirus pandemic.
“This budget will allow us to heal and recover our economic trajectory. The economy has shrunk by 10% as of September due to COVID-19 quarantine rules and earlier lockdowns,” Duterte said in a televised speech.
“This administration will assure efficient use of resources and sound fiscal policy to overcome the effects of the COVID-19 pandemic,” he added.
The President also highlighted the need to spend the money wisely as the country recovers from the pandemic impact.
“Every centavo of this budget must be spent to ensure the nation’s recovery, resilience, and sustainability,” Duterte said. (TDT)
