Malacanang hikes proposed 2010 budget to P1.54T, up P155B

August 20, 2009 9:47 am 

MANILA, Aug. 20 –The Department of Budget and Management (DBM) will submit to Congress next week the proposed P1.54-trillion national budget for next year.

In a media briefing this afternoon at Malacanang, Budget Secretary Rolando Andaya Jr. said the department planned to submit to Congress the proposed 2010 budget on August 26.

Andaya said the proposed 2010 budget would support fiscal consolidation and help the country attain a balanced budget as early as 2012.

“Ito ang huling budget na ibibigay namin sa Kongreso for the next administration. We want to leave a budget that will reliably support fiscal consolidation and fiscal discipline,” he said.

With the proposed budget, Andaya said he was optimistic the government could rein in the country’s deficit, including realizing the deficit target of P250 billion this year.

“I think, we’ll come in kung ano ang deficit target natin for this year,” he said.

Andaya noted the proposed 2010 budget will be P155 billion more than the 2009 budget.

He said the additional P155 billion would be sourced through a loan acquisition of a P233 billion or 2.8 percent of gross domestic product. (PNA) RMA/LDV/OPS/ssc

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