Philippine President Rodrigo Duterte on Thursday signed a 5.024 trillion pesos (US$98.45 billion) budget for next year. (Reuters)Philippine President Rodrigo Duterte on Thursday signed a 5.024 trillion pesos (US$98.45 billion) budget for next year, the Southeast Asian country's largest ever, as it aims to sustain economic recovery and manage Covid-19 outbreaks. It includes capital outlays of 1 trillion pesos for infrastructure spending, budgetary support for state corporations, and capital transfers to local government units. The Philippines, among the worst hit by the Covid-19 pandemic in Asia, plans to spend up to 48.2 billion pesos for vaccine purchases next year as it ramps up its booster programme. The country has allocated 23 billion pesos to construct new health facilities, expand and upgrade existing ones, and procure equipment for hospitals.

Source: The Standard December 30, 2021 18:49 UTC