MANILA, Reuters – The Philippines’ President Rodrigo Duterte signed a budget of 5.024 trillion pesos (98.45 billion dollars) for the next fiscal year. This is the largest budget ever approved by a Southeast Asian nation. It aims to maintain economic recovery and control COVID-19 epidemics.

Duterte will be ending his six-year, single-term in June with a national budget that is 11.5% larger than the current year’s.

Duterte said that 2022’s budget would “inspire actions focused on building resilience in the face of the pandemic, maintaining momentum toward recovery and continuing the legacy for infrastructure development,” his office stated in a statement.

The capital spending includes infrastructure expenditures of approximately 1 trillion pesos and budgetary support to state-owned corporations. It also covers capital transfers to local governments.

As part of its boost programme, the Philippines is expected to spend 48.2 Billion Pesos on vaccines next year.

To construct and expand existing health facilities and purchase equipment, the country has allocated 23 million pesos.

For 983 millions pesos, the government will also establish a virology institution, which will allow the government to study, address, and respond to new, emerging, or re-emerging virus infections.

The Philippines aims to achieve economic growth rates of 7.0%-9.0% in 2022, and 6.0%-7.0% in 2023 and 2024. This is faster than the revised target of 5.0%-5.5%.

($1 = 51.03 Philippine pesos)