MANILA, June 24 (Reuters) - The Philippine government is
seeking a record 4.3 trillion peso ($85.89 billion) budget for
2021 focused on reviving a coronavirus-hit economy expected this
year to shrink for the first time in two decades, a top official
said on Wednesday.
The administration of President Rodrigo Duterte faces the
enormous task of resuscitating growth and creating jobs in 2021,
before his six-year term ends in June of the following year.
The budget proposal, set to be submitted to Congress when it
resumes session next month, is 5% higher than this year's 4.1
trillion pesos.
Budget Secretary Wendel Avisado said the proposal would help
the government move past the pandemic and "provide the kind of
programmes, activities and projects for our people, especially
those who lost their jobs".
The Southeast Asian country, which used to enjoy one of the
world's fastest economic growth rates before the coronavirus
wreaked havoc on global business, is projected to suffer a 2% to
3.4% decline in gross domestic product this year, government
officials have said. Next year's spending is geared toward further buttressing
the healthcare system, ensuring food security, hastening the
government's digital transformation, and helping communities to
rebound, according to a budget briefing document.
The proposed budget is separate from a 1.3 trillion peso
stimulus bill that the lower house passed early this month, and
another stimulus plan under discussion at the Senate.
The country's economic managers, however, have raised
concerns about the stimulus packages proposed by Congress and
the absence of excess revenues to fund them.
($1 = 50.0660 Philippine pesos)