Congress ratifies ₱3.77-T 2018 national budget

Metro Manila (CNN Philippines, December 12) — Congress on Tuesday ratified the proposed ₱3.77-trillion 2018 national budget.

The Senate and House of Representatives approved the bicameral conference committee report on the 2018 General Appropriations Bill.

Senate Committee on Finance Chair Sen. Loren Legarda said the 2018 national budget is crucial in balancing support for the government's economic agenda as well as attending to the needs of the public.

"The national budget is the lifeblood of the government. It is our investment for the future. Recently, Fitch Ratings upgraded the Philippines' long-term credit rating from BBB- to BBB, providing it with a stable outlook. This is due to the continued acceleration of the country's GDP growth and the Administration's sound fiscal policies. However, the greater challenge for government is to translate these economic gains into programs that would directly benefit all Filipinos, especially the poor," Legarda said.

READ: International debt watcher Fitch upgrades PH credit rating

The approved 2018 budget is higher by 12 percent from the current outlay.

The bill will go to the President for signing into law.