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PHILIPPINES' SENATE STARTS DELIBERATION ON 2005 BUDGET PROPOSALS.
MANILA, Feb 1 Asia Pulse - The Senate Monday begun deliberating the proposed budget allocation of the national government for 2005.
Senator Manny Villar, chairman of the Senate Committee on Finance, proposed a national budget of P907.59 billion (US$16.5 billion).
He said there was a minimal increase of 5.3 per cent over the previous year's budget or a nominal increment of P46 billion.
The 2004 budget is P864.7 billion.
Villar said a big bulk of this increase goes to the payment of debts.
"A total of P30.2 billion of this increase will go to debt servicing, particularly for interest payments," Villar said.
Villar said the country's financial difficulties contributed to the minimal increase on the national budget.
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Source: HighBeam Research, PHILIPPINES' SENATE STARTS DELIBERATION ON 2005 BUDGET PROPOSALS.