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Public expenditures for priority programs and projects will breach P5 trillion by the time President Duterte ends his term in 2022, in line with the government's plan to widen the yearly budget deficit to 3.2 percent of gross domestic product (GDP).Spending spree: Gov’t sees P5 trillion expenditures by time Duterte term ends
Public expenditures for priority programs and projects will breach P5 trillion by the time President Duterte ends his term in 2022, in line with the government's plan to widen the yearly budget deficit to 3.2 percent of gross domestic product (GDP). The government had programmed to spend P3.774 trillion this year, P4.2 trillion next year, P4.7 trillion in 2021, and a record P5.2 trillion in 2022, Development Budget Coordination Committee (DBCC) documents showed. For 2019 to 2022, the government wanted to ramp up spending, especially on infrastructure, such that the DBCC widened the annual budget-deficit cap to 3.2 percent of GDP from 3 percent previously. &nb...Keep on reading: Spending spree: Gov’t sees P5 trillion expenditures by time Duterte term ends Read more