BUDGET Secretary Florencio "Butch" Abad said they will submit to Congress the 2011 proposed national budget on Tuesday, a radio report said.

Abad said the proposed budget for the next year is P1.541 trillion, which is P104 billion less compared to the current national budget of P1.645 trillion.

Updates on President Benigno Aquino III's presidency

Abad said the proposal was based on the three-five percent inflation rate and P45-47 foreign exchange rate, also to the P1.41 trillion — P860.4 billion collection of the Bureau of Internal Revenue, P320 billion from the Bureau of Customs, P6 billion from privatization and P144 billion from other sources of the government.

He said the P950.7 billion will go to National Government agencies, P23.3 billion for government-owned and -controlled corporations (GOCCs) and government financial institutions (GFIs), P298.9 billion for the local government units (LGUs) and P372.1 billion for creditors.

Abad added they target to submit the proposed national budget around 4 p.m. in the Congress Tuesday. (Sunnex)