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MANILA, Philippines -- Budget Secretary Florencio Abad will submit the proposed P2-trillion 2013 national budget to the House of Representatives on Tuesday, July 24, a day after President Benigno Aquino III’s state of the nation address.
Abad will hand over the proposed appropriation to Speaker Feliciano Belmonte Jr. at 3 p.m.
The proposed budget, the largest thus far in the country’s history, will focus spending on social services such as education.
Earlier, Abad said the budget will be funded mostly by revenues and only two percent from borrowings.
House leaders have said they can finish deliberations on the budget by October and turn it over to the Senate before the congressional break.
Deliberations at the committee level will take the whole of August and the month after, the proposed allocation will be tackled in plenary, Cavite Representative Joseph Emilio Abaya, chairman of the appropriations committee, said.