World

Philippines NA approves draft state budget for 2016

The National Assembly of the Philippines on December 17 approved a draft state budget for 2016.
Philippines NA approves draft state budget for 2016 ảnh 1Philippines NA approves draft state budget for 2016 (Source :.philstar)

Hanoi (VNA) – The National Assembly of the Philippines on December 17 approved a draft state budget for 2016.

Accordingly, state budget for 2016 will be 3 trillion Pesos (PHP) (63.4 billion USD), up 15 percent from 2015.

Spending on infrastructure in 2016 will increase 29 percent in order to maintain an economic growth of 7-8 percent. 

The Philippines Government wants to rise infrastructural spending to about 5 percent of the country’s gross domestic products (GDP) compared with a rate of 4 percent in 2015.

The Government is under pressure to increase spending in an attempt to prevent the economy’s growth from going down.

Growth of the economy, which depends largely on exports, reached 6 percent in the third quarter of 2015, and is expected to upturn in the last quarter of this year due to an increase in public spending.

In 2016, the Government anticipates to spend a record amount of 25 billion PHP (528.3 million USD) to buy destroyers, spy planes and radars in a bid to improve navigation border monitory competency.-VNA

VNA
#Philippines NA#draft state budget
Follow VietnamPlus

Related News

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.