Inside Matambo's bittersweet budget

Without giving detail of the size of the total economic rescue package, the minister sporadically mentioned ESP projects across six ministries worth only a cumulative P1.3 billion.  The stimulus’ rollout is targeted to jumpstart the economy after a mere one percent growth in 2015, through fast-tracked infrastructure development, job creation and human capital development.

Presenting the budget estimates before parliamentarians, Matambo said revenues are seen at P48.4 billion in 2016 against expenditures of 54.44 billion resulting in the P6 billion gaps. The deficit is expected to be financed from domestic and foreign borrowings coupled with drawing down of savings, which stood at P35 billion as at December 2015.