A good day for government

PHILIPPINES - In Brief 28 Jul 2014 by Romeo Bernardo
1. The National Government turned in a whopping 50% increase in non-interest expenditures in June, bringing the 2Q14 total up 12% over 2Q13. This is very encouraging in terms of our 2Q14 economic growth outlook. Also announced today, the President approved rehabilitation plans for areas affected by last year’s super typhoon that paves the way for long-awaited release of P96 billion funds to implement local government projects that will add to GDP growth. 2. President Aquino’s penultimate State of the Nation Address (SONA) before Congress today was significant in terms of: (a) request for a supplemental budget for 2014 (unspecified amount) as well as a P2.6 trillion 2015 budget, (b) no request for emergency power to address forecast electric power shortage in the summer of 2015, (c) seeking a joint resolution from congress in defining budgetary terms following the Supreme Court’s decision against the DAP and (d) asking for passage of the Bangsa Moro Basic Law and several economic bills. But in the end, the speech will likely be remembered for the few emotional minutes when he recalled the memory of his parents, repeating his hero father's well known line "the Filipino is worth dying for". This fifth SONA will likely help in repairing his image dented by the DAP controversy.

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