MANILA - President Rodrigo Duterte has approved the P3.767-trillion budget for 2018, as he prepared to implement a massive infrastructure overhaul, one of his economic managers said Tuesday.
Duterte plans to submit the budget to Congress on July 24, the same day he will deliver his second annual State of the Nation Address, Budget Secretary Benjamin Diokno told reporters.
The President approved the proposed budget during a Cabinet meeting on Monday, Diokno said.
The spending plan for next year is 12.4 percent higher than this year’s P3.35 trillion budget and will amount to 21.6 percent of gross domestic product, Presidential Spokesperson Ernesto Abella said.
“The budget aims for a safer, greener, wealthier, and more beautiful country, making space for the youth, the poor, disadvantaged, and handicapped,” Abella said.
Duterte plans to spend up to P8 trillion throughout his 6-year term to build new roads, bridges, airports and railways and bring Philippine infrastructure to its "golden age."