Rizal Hall, Malacañan Palace
19 December 2012

 

President Benigno S. Aquino III noted the significance of the “Empowerment Budget of 2013” as he led the signing of the General Appropriations Act held at the Malacañan Palace.

The Budget is crafted to prioritize funds for public services and to ensure the participation of Filipinos in the economic activity. It is dedicated to five areas: 1.) Greater and Deeper Commitment to the Social Contract; 2.) Accelerated Completion of Priority Program Targets; 3.) Strengthening Government Accountability to Perform; 4.) Fiscal Transparency to Faster, Clearer, Results; and 5.) Deepening Participation in Public Expenditure.

“Dinisensyo natin ang Budget na ito bilang instrumento upang maibalik sa mamamayan ang kapangyarihang panghawakan at itakda ang sarili nilang kapalaran,” the President said in his speech.

President Aquino also mentioned that it is the first time in seven years that there will be no provision in the Budget that will be disabled by Direct Veto.

For the coming year, the estimated budget is P2 trillion. The biggest share is allocated to the Social Services with P698.8 billion, followed by the Economic Services with P511.1 billion, the General Public Services with P346.1 billion, Debt Services with P333.9 billion, Defense with P89.7 billion and Net Lending with P26.5 billion respectively.

Joining the President in the signing are the members of the Senate led by Senator Franklin Drilon who is the Chairman of the Finance Committee and the members of the House of Representatives led by Representative Jocelyn Limkaichong, Chairman of the House Appropriations Committee.

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