FOR EVERY PESO, ONLY 17 CENTAVOS GOES TO HEALTH, EDUCATION, HOUSING

Contrary to the Arroyo government’s claims of a social payback in exchange for new tax measures, only 17 centavos out of every peso in revenues are allocated in next year’s budget for health, education and housing services. This is according to an examination by independent think-tank IBON Foundation of the proposed 2008 budget.

In contrast, 24 centavos for every one peso of revenues is allocated for debt servicing of interest payments. If debt servicing of principal amortization is factored in, 50 centavos out of every peso of revenues will go to total debt servicing.

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