Press Release
November 14, 2011

Drilon to sponsor proposed 2012 budget

Senate Finance Committee Chairman Sen. Franklin Drilon will deliver tomorrow, Tuesday, his sponsorship speech for the proposed P1.816-trillion General Appropriations Act (GAA) for 2012 which he said would reflect the five priorities of the Aquino government's "Social Contract" with the Filipino people.

Drilon said he hoped Congress could complete the deliberation of the proposed budget and submit the same for the approval of the President before the Christmas holidays. "We are targeting finishing the debates on Nov. 18, and approve the budget on third and final reading on Nov. 21," Drilon said.

In his sponsorship speech, Drilon said he would explain the provisions of what he described as a "Results-focused budget," that would uphold President Noynoy Aquino's governance priorities.

These include transparency, accountability and participation in governance, poverty reduction, economic growth, promotion of peace and strengthening of the rule of law as well as environment protection and Climate Change mitigation, Drilon said.

Drilon said the proposed 2012 national budget will serve as the lifeblood that will sustain the national economy and the fuel that will rev up the nation's engine of growth as the Aquino administration implements reform measures to curb graft and corruption in public service.

The proposed outlay, he added, would support a rapid, inclusive and sustained economic growth by increasing allocations for infrastructure services such as irrigation systems and farm-to-market roads that will spur agribusiness and the roads to tourism destinations.

The Senate Finance Committee chief noted that critical investments were placed for activities that would secure peace and order, attain environment sustainability, enable growth and better opportunities in conflict-torn areas, promote disaster preparedness and preserve natural resources.

According to Drilon, plenary debates would be completed on the third week of November, which is also the period of the simultaneous approval on second and third reading in the Senate, he said.

A bicameral conference committee will be called on November 23-28 to reconcile disagreements between the Senate and the House versions of the budget, he added.

The proposed outlay for next year is 10.4 percent higher from the current year's outlay of P1.645 trillion. Next year's budget represents 16.5 percent of gross domestic product (GDP), or the value of goods and services produced by an economy in a given period.

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