Arroyo Signs Nat’l Budget Worth Over P1 Trillion

March 11, 2008 at 12:37 pm | Posted in 1 | Leave a comment

Filipino leader Gloria Arroyo shows the General Appropriation Act of 2008 which she signs Tuesday, March 11, 2008 in Malacanang’s Rizal Hall. The signing is witnessed by Vice President Noli De Castro, House Speaker Prospero Nograles, and some members of the House of Representative and other senators.(Photos by Rey Baniquet/Office of the President)
MANILA, Philippines – President Gloria Arroyo signed into law in Malacañang the P1.127-trillion General Appropriations Act (GAA) for 2008.

Budget Secretary Rolando Andaya Jr. has described the General Appropriations Act of 2008 as an outlay that will be totally supported by internal revenues as it reflects government confidence in a continued “economic upturn.”

The budget is premised on revenues of P1.236 trillion—P1.108 trillion from taxes and P127 billion in non-tax revenues. Of the tax revenues, the Bureau of Internal Revenue (BIR) will contribute P885 billion and the Bureau of Customs (BOC), P254 billion.

The 2008 GAA has doubled its investment in housing to P7.6 billion and increased funds for economic services to P287 billion from P242 billion, social services to P368 billion from P320 billion, and defense to P61 billion from P53 billion.

Topping the list of recipient agencies of the 2008 budget is the Department of Education with P146 billion, followed by the Department of Public Works and Highways, P94.5 billion; National Defense, P56.1 billion; Interior and Local Government, P52.6 billion; Agriculture, P23.8 billion; Transportation and Communications, P22.3 billion; Health, P16.3 billion; Agrarian Reform, P13 billion; Judiciary P10.2 billion; and Foreign Affairs, P10.1 billion.

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