Manila: President Rodrigo Duterte signed into law one Thursday (December 30, 2021) the Php5.024 trillion ($98.5-billion) national budget for 2022, with allocations for the country’s COVID-19 pandemic response and recovery operations after the onslaught of Typhoon Rai (Odette0.
Largest-ever budget
It is the Southeast Asian country's largest ever, as it aims to sustain economic recovery and manage COVID-19 outbreaks.
The national budget, 11.5% bigger than this year's spending plan, is Duterte's last before his single, six-year term ends in June.
The 2022 budget will "inspire actions that focus on building resilience amidst the pandemic, sustaining momentum towards recovery, and continuing the legacy of infrastructure development", Duterte's office said in a statement.
$19.58 billion for infrastructure
It includes capital outlays of Php1 trillion ($19.58 billion) for infrastructure spending, budgetary support for state corporations, and capital transfers to local government units.
The Philippines, among the worst hit by the COVID-19 pandemic in Asia, plans to spend up to 48.2 billion pesos for vaccine purchases next year as it ramps up its booster programme.
The country has allocated Php23 billion ($450.5 million) to construct new health facilities, expand and upgrade existing ones, and procure equipment for hospitals.
The government will also spend Php983 million ($19.24 million) for the establishment of a virology institute, which will help the government study and address novel, emerging, and re-emerging viruses.
The Philippines is aiming to hit economic expansion rates of 7.0%-9.0% for 2022 and 6.0%-7.0% for both 2023 and 2024 — faster than the upgraded target of 5.0% to 5.5% for this year.
