MANILA - President Aquino intends to propose to Congress a 2016 national budget amounting to P3 trillion.
This would be his sixth and last budget proposal before he finishes his six-year term on June 30, 2016.
“The President had always presented his budget proposal a day after the SONA (State of the Nation Address). That gave us enough time to consider and approve it and avoid a reenacted budget,” Davao City Rep. Isidro Ungab, appropriations committee chairman, said yesterday.
Ungab said he had been informed that next year’s budget “would be around P3 trillion.”
The President would deliver his sixth and final SONA on July 27 before a joint session of the House of Representatives and the Senate at the Batasan complex in Quezon City.
“The next day, we expect the President to submit his 2016 budget proposal to the House through Budget Secretary (Florencio) Abad,” Ungab said.
The general framework of the planned national budget for next year is contained in a memorandum Abad has issued to state agencies.
“The fiscal position for FY (fiscal year) 2016 will translate to an obligation budget ceiling of P3 trillion, up by P394 billion or 15.1 percent more than the FY 2015 budget of P2.606 trillion,” Abad said.
Of the P3-trillion outlay, Abad said 80 percent or P2.419 trillion would “be eaten up by the forward estimates or the cost of ongoing programs and projects.”
“This leaves funds available for expanded and new programs and projects of P580.9 billion, nearly one-fifth of the proposed budget ceiling. This additional fiscal space will be directed towards addressing critical funding gaps in various sectors,” he said.
He added that the government expects to collect revenues amounting to P2.697 trillion, 18.5 percent more than estimated total collections this year.
“As a percentage of GNP (gross national product), revenue effort is set to register at 17.5 percent by 2016, reflecting a more than one-percentage point improvement from the 2015 outlook of 16.3 percent. This will result from the boost in BIR (Bureau of Internal Revenue) collections of 21 percent… as well as the larger increase in BOC (Bureau of Customs) of 14.1 percent over this year’s level,” Abad stressed.
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