President Rodrigo Roa Duterte on Monday, January 6 signed the 2020 General Appropriations Act (GAA) geared towards sustaining critical infrastructure, human capital development and socio-economic growth in the country.
In a speech during the signing ceremony in Malacañang, President Duterte said the passage of the P4.1 trillion GAA is proof that with the help of the House of Representatives and the Senate, the government can effectively work towards the enactment of key legislative measures that will support the country’s development agenda in the next two and a half years.
He called on Congress, civil society partners, and civil servants in the executive branch to remain driven towards the collective goal of providing a more comfortable life for the people.
“Together, let us ensure that every peso in this budget will never be used to support the selfish greed of the few, but spent exclusively for the benefit and service of Filipino taxpayers,” he said.
Representing almost 20 percent of the country’s projected GDP for 2020, this year’s P4.1 trillion budget will support the administration’s vision of a more peaceful and progressive Philippines – an upper middle-income country that has already cut poverty rate to just 14 percent and achieved a 7.5 percent GDP growth by 2022, according to the President.
The 2020 GAA, like in previous years, will continue to allocate a huge portion of the national budget for government projects such as infrastructure, development and social services, which will greatly benefit the lives of Filipinos.
The government will spend 36 percent of the budget to fund programs on education, healthcare, housing and social welfare.
And to further boost the thriving economy, the Duterte administration will invest 29 percent of the 2020 budget in infrastructure, tourism, trade, job generation, and agriculture.
Under the government’s plan, 11 percent of the budget will be alloted for debt servicing, with the ultimate goal of bringing down government debt to just 39 percent of the GDP by 2022.
The Chief Executive then expressed his gratitude to Congress for supporting the administration’s sound fiscal policies through the continued adoption of the Cash Budgeting System and the full implementation of the Comprehensive Tax Reform Program.
He also recognized the invaluable contribution of the men and women of the Department of Budget and Management (DBM) under the leadership of Secretary Wendel Avisado for their efforts in crafting this year’s budget.