National Budget for 2022 at ₱5.024 Trillion

The Philippines is considered to have the largest budget within the Southeast Asian region after President Rodrigo Duterte signed ₱5.024 trillion for 2022 on December 30. This was done in an effort to further handle outbreaks of COVID-19 as well as sustain the country’s economic recovery. In comparison to 2021, the president’s last national budget before ending his term in June is 11.5% bigger.

Duterte remarked that “The 2022 budget reaffirms the government’s strong commitment to provide a more comfortable and productive life for each Filipino.” The funds will “inspire actions that focus on building resilience amidst the pandemic, sustaining momentum towards recovery, and continuing the legacy of infrastructure development,”  he added. Around ₱1 trillion of the budget will be allocated for infrastructure spending, budgetary support for state corporations, and capital transfers to local government units.

The government also hopes to improve its vaccination program as the Philippines is the worst-hit country within Asia in terms of struggling with the prolonged global pandemic. In this light, ₱48.2 billion pesos will be used to purchase more vaccine and booster supplies while another ₱23 billion pesos will go into bettering health infrastructure including the construction of new facilities, expansion of existing facilities, and securing equipment for hospitals.

A virology institute is also expected to be established to allow the government to study and focus on various types of viruses whether these are novel, emerging, or re-emerging. This will take ₱983 million from the national budget. Aside from the COVID-19 response, the funds will also be used to revamp face-to-face classes as well as provide assistance to the victims of the recent Typhoon Odette.

For 2022, the government has set the target of a 7%-9% economic expansion rate which is significantly higher compared to the previous year’s 5%-5.5%.

Source: Business Times, Rappler