(UPDATE) Aquino defends stimulus spending program

MANILA, Philippines (Xinhua) - President Benigno Aquino III today defended his government's economic stimulus package amid the steep decline in his approval ratings.

Aquino said in his speech that the government's stimulus spending package, dubbed as the Disbursement Acceleration Program (DAP), was consistent with Philippine laws.

"Let me impress upon everyone: DAP is good. Our intentions, our processes, and the results were correct. The program has benefited the public and boosted our economic growth," he said in the vernacular.

"DAP is not a project--it is an efficient way of spending the budget; it follows the law and adheres to the mandate granted to the Executive Branch. We did this to properly allocate funds, and by so doing maximize the benefits that the people may receive," Aquino added.

He was forced to explain the DAP to the public after the Supreme Court ruled parts of the program as unconstitutional. The Supreme Court ruling increased the public's clamor for the resignation of Budget Secretary Butch Abad, who is widely regarded as the program's architect. Abad had earlier offered to resign but Aquino rejected it.

Approved by Aquino in October 2011, funds for the DAP came from savings generated by the Philippine government during the year.

On its website, the Department of Budget and Management said a total of P142.23 billion ($3.26 billion) was released for programs and projects identified through the DAP in the years 2011 and 2012. Last year, P15.13 billion ($347.81 million) was approved for DAP-funded projects.

Earlier, the Supreme Court ruled as unconstitutional the transfer of savings outside the Executive branch of government and the funding of projects not covered by the General Appropriations Act approved by Philippine Congress.

Aquino said the Executive branch of government will appeal the decision of the Supreme Court.

The Philippine president's speech was made after a survey conducted by private research institute Social Weather Stations showed that public satisfaction with his governance fell to its lowest level since he assumed office in 2010.