RP budget approved<\/p>\n
MANILA (Reuter): The Philippine Congress has approved a 394.8
\nbillion peso (US$15.07 billion) budget for 1996 after marathon
\ndeliberations over the past few days, legislators said yesterday.<\/p>\n
The approved budget was finalized by a joint panel comprising
\nleaders of the 200-person House of Representatives and the 24-
\nperson Senate. The budget for 1995 reached 369.9 billion pesos
\n($14.1 billion).<\/p>\n
The House approved the budget on Thursday and the Senate gave
\nits approval later the same evening.<\/p>\n
\"We are putting a lot of emphasis and focus on the social
\nreform agenda to make certain that the benefits of this (budget)
\nwill trickle down to the masses,\" House Speaker Jose de Venecia
\ntold a news conference after the vote on Thursday.<\/p>\n
More funds were given to the agriculture department to help it
\ncope with a severe supply crunch which sent prices of rice, the
\nstaple food of the Philippines' 68 million people, soaring in the
\nthird quarter of 1995.<\/p>\n
Rice prices surged to as much as 26 pesos (99 cents) a kilo in
\nAugust and September, from 13 pesos (49 cents) earlier in the
\nyear.<\/p>",
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