House of Representatives: 1 Trillion Pesos for 2006

March 23rd, 2006 at 10:57 pm (Economics, General, National Politics)

The House of Representatives has approved on the second reading the General Appropriations Act (GAA) for 2006. According to House Speaker Jose de Venecia, the GAA is solidly backed up by funds generated from the Expanded Value Added Tax (EVAT) and the “sin” taxes from tobacco and alcohol.

Now, it’s the Senate’s turn to approve, revise or reject the GAA.

Will 1 trillion pesos do the country good? I hope so. But I don’t think so. Money isn’t really our problem nowadays. The best we can wish for, I guess, is that the 1 tillion pesos go to where it’s supposed to go.

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