
President Rodrigo Roa Duterte today signed into law the PhP4.506 trillion Fiscal Year (FY) 2021 General Appropriations Act (GAA), which is the third full cash budget of the Duterte Administration and serves as the government’s financial blueprint to recovery in response to the COVID-19 pandemic. The PhP4.506 trillion budget, which is equivalent to 21.8 percent of gross domestic product, is the country’s largest to date, larger by 10 percent than the FY 2020 budget.
Carrying the theme
“Reset, Rebound, and Recover: Investing for Resiliency and Sustainability”,the FY 2021 national budget will help the nation reset by addressing the pandemic, rebound by boosting infrastructure development and by generating job opportunities, and rebuild by assisting communities adapt to the post-pandemic life.
By Sector
The social services sector accounts for the largest bulk of the FY 2021 budget, with PhP1,668.0 billion, equivalent to 37.0 percent of the national budget. The economic services sector, which includes the Administration’s flagship
Build, Build, Buildprogram
, will receive the second highest allocation with PhP1,323.1 billion or 29.4 percent of the budget. Meanwhile, the General...