National

2018 Proposed Nat’l Budget To Be Submmitted During Sona – DBM

For the first time in history, the president will submit the proposed national budget to congress on the day of his state of the nation address (sona).
 
This was announced by budget secretary benjamin diokno in a press briefing in malacanang.
The duterte administration proposes a total of 3.767 trillion national budget for 2018.
 
The biggest allocation will be granted to the education  sector with 691.1 billion pesos budget and infrastructure development with 643.3 billion pesos.
The proposed budget according to diokno is consistent with the ambitious infrascture program of the duterte administration dubbed as build, build, build that aims to usher the golden age of infrastructure.
While  the biggest chunk for the education sector aims to develop agile, competent youth who will become the future workforce of the country.
Diokno also addressed the concerns of critics on where will the government get the funding of its ambitious infrastructure projects.
The budget secretary explained that some of the funding will be coming from tax and non tax revenues and others from loans coming from both external and domestic sources.
Diokno clarified that only 20% will be coming from foreign sources while 80% will be from domestic sources.
This strategy according to the budget secretary will prevent risk in foreign exchange that happened during the term of former presidnt ferdinand  marcos who was heavily dependent on foreign sources and until now the government is still paying this huge debt.
On the other hand,  the dbm identified a budget for the rehabilitation, recovery and reconstruction for  marawi city worth 5 billion pesos.
Diokno explained that the funding will be coming from the national disaster risk reduction and management council (ndrrmc) and other agencies that will be used for the recovery program,
Diokno explained that the marawi recory is a multi-year task just like the  yolanda rehab project.
 
The government plans to allocate a billion pesos for the marawi rehab project next year and more in the succeeding years if needed.

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