Proposed 2013 budget is P2.006 trillion
MANILA, Philippines - Budget Secretary Florencio Abad said the proposed national budget for 2013 is P2.006 trillion.
Bulk of this number, 34.8 % or P698.4 billion, will be earmarked for social services, which will be 13.9 % higher than 2012's P613.4 billion.
Abad, in a briefing on the National Expenditure Program for reporters held at the main office of the Department of Budget and Management, said government intends to finance the budget by raising P1.780 trillion in revenues in 2013.
With total expenditures at P2.021 trillion, government expects a deficit of P241 billion which is 2 % of GDP.
Projections are based on the following macroeconomic assumptions for 2013:
- Real GDP growth of 6 to 7 %
- inflation rate of 3 to 5 %
- 364-day T-bill rate of 3 to 5 %
- Forex rate of 42 to 45 %
- 12 % growth in exports
- 14 % growth on imports
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