Proposed 2021 Budget Will Be PHP4.64 Trillion
The country’s economic team has approved the pitching of a record-high national budget of PHP4.64-trillion cash for 2021. At the same time, they lauded Congress for passing the 2020 spending bill on time.
Wendel Avisado, the acting Budget Secretary disclosed that the 2021 budget proposal will be 13.3-percent higher than the PHP4.1-trillion budget for next year. This will be equivalent to 20.2 percent of the gross domestic product (GDP).
According to Avisado, the proposed 2021 budget will continue to support antipoverty and peace-sustaining measures through the funding of recently approved legislative measures.
Social protection and economic programs will also see continuous funding in the 2021 budget, such programs are as follows:
- Universal Health Care Program.
- Pantawid Pamilyang Pilipino Program.
- Rice Tariffication Law
- Provision for the annual block grant
- Special development fund and share in national taxes of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM)
- Universal Access to Quality Tertiary Education
- Refocusing of national government assistance to LGUs (local government units) with high poverty incidence.
- Climate change mitigation and adaptation measures
Avisado also noted that Executive Order No. 91 issued by President Duterte earlier in September provisions that the 2020 and 2021 budgets would adopt the cash budgeting system. Due to this, the national budgets during the next two years will have a validity of only one year.