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Philippines NA approves draft state budget for 2016

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Philippines NA approves draft state budget for 2016 (Source :.philstar)
Hanoi (VNA) – The National Assembly of the Philippines on December 17 approved a draft state budget for 2016.

Accordingly, state budget for 2016 will be 3 trillion Pesos (PHP) (63.4 billion USD), up 15 percent from 2015.

Spending on infrastructure in 2016 will increase 29 percent in order to maintain an economic growth of 7-8 percent. 

The Philippines Government wants to rise infrastructural spending to about 5 percent of the country’s gross domestic products (GDP) compared with a rate of 4 percent in 2015.

The Government is under pressure to increase spending in an attempt to prevent the economy’s growth from going down.

Growth of the economy, which depends largely on exports, reached 6 percent in the third quarter of 2015, and is expected to upturn in the last quarter of this year due to an increase in public spending.

In 2016, the Government anticipates to spend a record amount of 25 billion PHP (528.3 million USD) to buy destroyers, spy planes and radars in a bid to improve navigation border monitory competency.-VNA

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