VILLAR: 2007 BUDGET UP FOR APPROVAL IN SENATE

Senate President Manny Villar, President of Nacionalista Party stressed that the Senate is well on its way into passing the proposed national budget before the year ends.

Working overtime, the Senate is well on its way into approving the first trillion-peso national budget which is expected to spur the countrys economic growth, Villar said.

He said the Senate is burning the midnight oil to finish the budget so that the bicameral conference committee meetings, aimed at reconciling the versions of the House of Representatives and the Senate, could also begin by the first week of December.

Were practically done with the Committee on Finance hearings on the various budget proposals. We expect the Senate to approve this budget at the plenary by the first week of December, Villar said.

He expressed optimism that a breakthrough would be reached, and a final conference committee report would be ratified by both Houses before Congress goes on a Yuletide recess starting December 22.

We are very much on track in approving a new budget for next year. We are working overtime to have the 2007 budget implemented by January 2007, Villar said.