Aquino signs P1.816-trillion budget for 2012

 President Aquino has signed into law the P1.816-trillion national budget for 2012, the earliest approved since democracy was restored in 1986.

The President cited the General Appropriations Act for 2012 or Republic Act No. 10155 as a "results-focused budget" to improve economic growth and deliver direct and substantial benefits to the people.

The signing of the 2012 national budget was attended by Senate President Juan Ponce Enrile, Speaker Feliciano Belmonte Jr, several lawmakers and government officials in the Palace.

By sector, social services will get the bulk of the budget pie with P568.6 billion, followed by economic services with P438.8 billion, debt burden with P356.1 billion, general public services with P338.1 billion, and defense with P114.4 billion.

Local government units will also receive P291.6 billion, of which internal revenue allotment amounts to P273.3 billion.

Budget Secretary Florencio Abad said the government will spend P140 billion for infrastructure projects under the new national budget in January 2012.

The 2012 budget, which is 10.4 percent higher than this year's outlay, will be supported by a revenue collection program of P1.545 trillion or 14.2 percent of the gross domestic product.

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