Philippine President Gloria Macapagal-Arroyo signed into law the 1.227 trillion peso (29.78 billion U.S. dollars) national budget, General Appropriations Act of 2008 on Tuesday, local media reported.
President Arroyo said the 2008 national budget invests in the three E's: economy, education and environment, the "building blocks of our nation" that will make a difference in the lives of the Filipino people, Philippine TV network GMA reported.
The 2008 national allocation, she said, "provides a buffer to mitigate the pain of a deteriorating global economy and the accompanying rise in prices which affects food and transportation the most."
The budget represents another important step in the economic development of the Philippines and reflects the results of the tough economic reforms implemented by her administration, the President said.
On the first E, the economy, the President said the government has drawn up a plan to pump-prime the economy by increasing investments in infrastructure and the people.
"Our central objective to create more jobs and grow our economy is to invest, invest and invest. We have been doing that and with this budget, the march to modernization through human and physical infrastructure will continue," she said.
She said infrastructure projects are key components of economic investments in an environment in which business feels confident to expand and employ more people, because more jobs mean less poverty.
The second E, education, "takes a front seat in this budget," the President said, adding that education is the foundation of economic prosperity and individual liberty, social justice and self-worth.
"No other issue is as important to Filipinos as the opportunity education affords the generation to be liberated from poverty and live a life of hope, optimism and prosperity," she said.
Under the 2008 budget, 200 billion pesos (4.854 billion U.S. dollars) was allocated for education, including the allocation for state colleges and universities and the Department of Education School building program.
The last E, environment, refers to the Arroyo administration's commitment to clean air, water and healthy environment.
Growing the economy must stand alongside the protection of the environment, said the President.
"While we have accomplished much, much remains to be done. We plan on working hard the next two years, until the day our term ends in 2010 to fulfill our Philippine Reform Agenda. We must and we will press forward with more reforms. We will fight for the economy, education and the environment," the President said.
Source:Xinhua
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