P17.3 Billion debt servicing cut for 2008 Budget - HOOORAAAAY!


Thank heavens . . . the Lower House seems to be the only one working
after all, while the other one keeps dipping its hands deep in the
muck of political airing of dirty laundry (eg: ZTE deal, Hello
Garci). Wake up people, this is what we need, not your grandstanding.

Thank heavens indeed, the budget has been passed in two weeks time,
and with a very welcome bonus to boot. Debt Servicing allocation
for 2008 is cut by P17.3 Billion. Whoa, that means more money for
schools and teachers' and soldiers' salaries and public works . . . .

Several budgets in the past have been a result of a big impasse
between the legislative and the executive branches . . . resulting to
re-enacting the budget from the previous year - another root of the
past's dismal economic performances. You see, running a country
takes very very adept economic skills, like increasing domestic
spending for example, infusing demand in the economy to generate
multiple instances of higher value generation. (sorry if I digress),
anyway . . .

Before them pessimists (our nation seems to have the most number of
pessimistic grumbers) start maligning this news report and get lost
in the process (ala I'm going down and everyone else is going down
with me . . .hard) let's just look to the bright side and see how
all of this will positively impact our economy, and our lives. One
step at a time people, one careful step at a time, no one get's rich
overnight, especially if you've got 7 kids on below minimum wage
earnings.

Thank heavens very well indeed.
here's the new's clip from The Inquirer


Debt service cut in P1.23-T '08 nat'l budget


By Norman Bordadora, Christian V. Esguerra
Inquirer
Last updated 01:28am (Mla time) 10/13/2007


MANILA, Philippines -- The House of Representatives has reduced by
P17.3 billion automatic foreign debt payments that would have eaten
up more than half of the proposed P1.227-trillion national budget for
2008.

The debt payments cut was one of the highlights of the marathon
plenary sessions--held amid reports of threats to the Speaker's
position--that passed on second reading the country's second trillion-
peso budget at 1:45 a.m. Friday after just over a month of
deliberations and less than two weeks of plenary scrutiny.

Speaker Jose de Venecia, the subject of persistent ouster rumors,
said it was the first time that the post-Marcos Congress passed the
general appropriations bill in the second week of October "instead of
in November or in December."

"We will not have a reenacted budget. We kept our commitment to our
people," said De Venecia to applause from majority and minority
members, and even from those in the majority coalition said to be
plotting his ouster.

The 2008 budget is to all intents and purposes already passed as a
third and final reading, which the House will undertake in early
November after members return from a three-week recess, is considered
purely ministerial.