“The President’s proposed budget for FY 2015 under the N. E. P. or the National Expenditure Program amounts to P2.606 trillion, reflecting an increase of P341.372 billion or 15.07% higher than the Fiscal Year 2014 budget. It is anchored on a real GDP projection of 7-8%, an inflation rate of 2-4%, 364-day T-Bill rate of 2-4%, and a foreign exchange rate of P42-45 to the dollar.”

2014, Speech: Sponsorship Speech for the FY 2015 National Budget

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Francis Escudero354

Filipino politician 1969

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“Total Revenues amounting to P2.337 trillion will finance the proposed 2015 national budget, representing a Revenue Effort of 16.5% and a growth rate of 15.8%. Tax Revenues, Mr. President, in particular, is targeted at P2.194 trillion, representing a Tax Effort of 15.5%.”

Francis Escudero (1969) Filipino politician

2014, Speech: Sponsorship Speech for the FY 2015 National Budget

“And why the need for a tightrope balancing act in the execution of the FY 2015 national budget, particularly with respect to the Supreme Court decision on the controversial Disbursement Acceleration Program?”

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John F. Kennedy (1917–1963) 35th president of the United States of America

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“Mundell’s models allowed a significant role for fiscal policy, especially under fixed exchange rates. However, the treatment was entirely Keynesian—an increased budget deficit operated solely by raising the aggregate demand for goods. Moreover, increases in government spending and cuts in taxes had pretty much the same effect on the economy.”

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“It is picked out from numbers progressing in continuous proportion. Of continuous progressions, an arithmetical is one which proceeds by equal intervals; a geometrical one which advances by unequal and proportionally increasing or decreasing intervals. Arithmetical progressions: 1, 2, 3, 4, 5, 6, 7, &c.; or 2, 4, 6, 8, 10, 12, 14, 16, &c, Geometrical progressions: 1, 2, 4, 8, 16, 32, 64, &c.; or 243, 81, 27, 9, 3, 1.”

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“The model retains the uncomfortable property that any increase in demand for home output … leads to nominal and real appreciation… The uncomfortable fact remains that even in this model there is a short-run tendency for an expenditure increase to induce an appreciation… Expansionary fiscal policy will lead to an initial depreciation of the nominal and real exchange rate if … (it) is accommodated by an expansion in nominal money.”

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“In most Western economies, the general relationship is not in fact between the rate of inflation and the level of unemployment, but between the rate of change of inflation and the rate of change of unemployment.”

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“Still the Constitution tells us emphatically that the power of the purse belongs to Congress. It is hoped, Mr. President, distinguished colleagues, that with these proposed amendments in the Fiscal Year 2015 budget or GAA, Congress will adhere to the ruling of the highest Court in the land and regain its Constitutionally-mandated control over the purse strings.”

Francis Escudero (1969) Filipino politician

2014, Speech: Sponsorship Speech for the FY 2015 National Budget

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Francis Escudero354

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