17 cents for Social Services

For every peso, only 17 centavos goes to Health, Education, Housing in 2008 proposed budget
Ms Rosario Bella Guzman (IBON executive editor)
September 5, 2007

Contrary to the Arroyo government's claims of a social payback in exchange for new tax measures, only 17 centavos out of every peso in revenues are allocated in next year's budget for health, education and housing services. This is according to an examination by independent
think-tank IBON Foundation of the proposed 2008 budget.

In contrast, 24 centavos for every one peso of revenues is allocated for debt servicing of interest payments. If debt servicing of principal amortization is factored in, 50 centavos out of every peso of revenues will go to total debt servicing.