Artificial Intelligence Stocks Surge: Potential for Long-Term Growth
Duterte signs P5-T budget.
On December 28, 2020, President Rodrigo Duterte signed the P5-trillion national budget for 2021. This budget is the largest in Philippine history and is expected to help the country recover from the economic impact of the COVID-19 pandemic.
The budget includes allocations for various sectors, including health, education, infrastructure, and social services. The Department of Education received the largest allocation of P708.2 billion, followed by the Department of Public Works and Highways with P694.8 billion.
The Department of Health was allocated P71.4 billion for the implementation of the Universal Health Care Law, which aims to provide all Filipinos with access to quality and affordable healthcare services. The budget also includes P71.4 billion for the purchase of COVID-19 vaccines.
The Department of Transportation was allocated P143.6 billion for the construction and improvement of airports, seaports, and highways. This is expected to boost the country’s tourism industry and improve transportation infrastructure.
The budget also includes P1.1 billion for the implementation of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and P16.4 billion for the implementation of the Comprehensive Agrarian Reform Program.
The signing of the budget was delayed due to allegations of pork barrel insertions and realignments. However, the President vetoed P80 billion worth of projects that were deemed unconstitutional or not aligned with the administration’s priorities.
The signing of the P5-trillion budget is a significant milestone for the Philippines, especially during these challenging times. It is expected to provide much-needed support to various sectors and help the country recover from the economic impact of the pandemic. With proper implementation and monitoring, the budget can pave the way for a brighter future for all Filipinos.