NEDA: Targets achievable without new taxes

MANILA, Philippines —  President Marcos wants to ensure that his administration’s priority projects for next year will be funded so that development targets are reached, a goal which the National Economic and Development Authority (NEDA) said could be achieved without raising new taxes.

Funding for the proposed 2025 national budget and priority projects under the Philippine Development Plan (PDP) were tackled during Marcos’ meeting with economic managers, Speaker Martin Romualdez and Senate President Francis Escudero yesterday at Malacañang.

“A big part of that would be the aim to achieve or to enhance food security, to improve the economic climate by way of improving access to infrastructure and the quality of our infrastructure,” NEDA Secretary Arsenio Balisacan told a Palace briefing.

Asked if the funding of priority projects would require the imposition of new taxes, Balisacan replied: “No. We have our fiscal consolidation program that tries to meet the targets, the deficits, the debt and at what levels those are in the medium term and we’re keeping track in implementing, you know, we’re on track in implementing that plan.”

Marcos approved the PDP for 2023 to 2028 through Executive Order No. 14 issued last year which seeks to “bring back the country to a high-growth trajectory” and to “enable economic and social transformation for a prosperous, inclusive and resilient society.”

The Senate and House of Representatives yesterday led the first day of the bicameral conference committee on the proposed P6.352-trillion national budget.

In a chance interview, Senate finance chair Grace Poe said the most contentious difference is the Senate’s deletion of the P39-billion Ayuda para sa Kapos ang Kita Program that was inserted in the Department of Social Welfare and Development budget by the House. – Marc Jayson Cayabyab