The Department of Education has the biggest proposed budget allocation for 2012 among government agencies.
Senator Franklin Drilon, the Chair of the Senate Finance Committee, said in a statement Sunday that the committee has wrapped up deliberations on the individual budgets of agencies and is on-track in approving the proposed P1.816 trillion budget for 2012.
Of the proposed budget, P238.8 billion will go to DepEd, followed by the Department of Public Works and Highways with P125.5 billion and the Department of National Defense with P107.9 billion.
Plenary debates on the 2012 budget is scheduled on November 22, which may lead to the simultaneous approval on second and third reading in the Senate, said Drilon.
Although education accounted for a major bulk of the national budget for next year, several groups have repeatedly staged protests asking the Congress to increase the budget of state universities and colleges (SUC).
During the Senate finance committee hearing on the Commission on Higher Education’s proposed budget, CHED said it is already negotiating with the Department of Budget and Management to increase the P26 billion budget for the 110 SUCs in the country.
Drilon said the proposed outlay for 2012 is 10.4% higher from the 2011’s outlay of P1.645 trillion. Next year’s budget represents 16.5% of gross domestic product, or the value of goods and services produced by an economy in a given period.
“We will diligently work for the passage of the budget so that by January 1, we will have an approved national budget for 2012,” the senator said.
He also assured the passage of the government’s spending plan before lawmakers go on a holiday break on December.
Based on the departmental allocations, the Department of Interior and Local Government will get P49.4 billion; Department of Agriculture, P54 billion; Department of Social Welfare and Development, P49.4 billion; Department of Health, P44.4 billion; Department of Transportation and Communications, P34.6 billion; Department of Agrarian Reform, P18.3 billion; and the Judiciary, P15.7 billion.
Eleven Filipinos are included in Forbes’ 2015 list of richest people in the world. Filipino-Chinese tycoon Henry Sy Sr. continues to be the wealthiest man in the Philippines. The 90-year-old SM supermalls, banking and property tycoon ranked 73rd among the world’s richest with an increased net worth of $14.2 billion from $11.4 billion last year. Sy’s net worth was attributed to the continued growth of his SM Investments Corp. and his more recent venture, the City of Dreams Manila resort and …