The Philippine Congress has approved a 15 percent rise in the national budget next year to boost infrastructure and defence spending that will likely underpin the economy and the larger spending will be on defence, Reuters reported. The 2016 budget, President Benigno Aquino's last year in office, will boost spending to a record 3 trillion pesos ($63.40 billion) from this year's 2.6 trillion pesos, said Feliciano Belmonte, speaker of the lower house of Congress. The approval will pave the way for the signing of the budget bill into law by Aquino before the end of the year.
