Posted on 22 Jan 2009
The Philippine House of Representatives has ratified with overwhelming majority the national budget for 2009 which contains a 56.1-billion-peso (1.19 billion U.S. dollars) stimulus fund to help the country cope with the global economic crisis, local media reported Thursday.
The budgeting, totaling 1.415 trillion pesos (30 billion U.S. dollars), gives maximum focus on infrastructure development, carryout the constitutional mandate to underscore the vitality of education to nation building, social protection and economic reforms, and food security programs, House Speaker Prospero Nograles said.
The GMA News said Nograles was pleased with the House's ratification of the budget, which he said will help the country weather the global financial crisis.
The budget bill is expected to be ratified by the Senate this week, before being submitted to President Gloria Macapagal-Arroyo for her signature.
Pro-administration lawmakers have urged for a speedy passage of the bill in order to timely implement the stimulus plan to ensure the 3.7 - 4.7 percent growth of the country's economy in 2009 as projected by the government.
The government predicted the global economic turmoil might slow the country's economic expansion to around 4.2 percent in 2008 after it touched a record high of over 7.2 percent in 2007.
