DBM sees sustained economic growth after early Congress approval of 2013 budget

The Department of Budget and Management (DBM) welcomed Congress's early approval of the 2013 national budget, saying it would help sustain the strong economic growth recorded this year. Budget Secretary Florencio Abad said the early enactment of the budget would pave the way for the speedy implementation of priority projects. “The early enactment of the Empowerment Budget would enable us to issue notices of award for infrastructure and other priority projects and start their implementation on January 2, the first working day of 2013,” he said in a statement Friday. Congress has approved this week the P2.006-trillion budget for next year— a 10.5 percent increase that this year's budget of P1.816 trillion. It was the third time that Congress has approved the budget early, paving the way for its early enactment. Abad said President Benigno Aquino III will sign the 2013 budget before the year ends. “On our part, once the Budget bill has been enrolled in the Executive Branch, we commit to ensure that the General Appropriations Act will be signed before fiscal year 2013 starts,” he said. Abad thanked Congress for supporting the measure, saying that both proposed investments in social services and key public infrastructure would help drive economic growth. In the third quarter of the year, the economy grew by 7.1 percent, surpassing expectations and boosting the country’s chances of exceeding this year’s official growth target of 5 percent to 6 percent. The Philippine economy is expected to grow by 6 percent to 7 percent next year. — KBK, GMA News