Economic managers brief House on P5.268 trillion national budget

MANILA, Philippines — President Marcos’ economic managers briefed leaders of the House of Representatives yesterday on the proposed P5.268-trillion budget for 2023, presenting it as a springboard for economic recovery in post-pandemic times.

Members of the Development Budget Coordination Committee (DBCC), among them Bangko Sentral ng Pilipinas Governor Felipe Medalla, National Economic and Development Authority Director General Arsenio Balisacan, Finance Secretary Benjamin Diokno and Budget Secretary Amenah Pangandaman, took turns in reassuring lawmakers of a “robust economy.” Speaker Martin Romualdez – joined by Ako Bicol party-list Rep. Zaldy Co and Marikina City Rep. Stella Luz Quimbo, House committee on appropriations chairman and vice-chair, respectively – vowed to scrutinize the National Expenditure Program (NEP).

“We will make sure that each bit of spending will contribute to our goal of reigniting the fires of our economic forges and at least propel the country to reach economic growth at pre-pandemic levels,” said Romualdez, who represents the 1st District of Leyte.

The budget season has officially started and the President’s economic team is making sure that as the House begins deliberating on the NEP, it is properly briefed on macroeconomic and growth assumptions; the government’s fiscal and revenue collection performance and how the budget will be financed in 2023 and over the medium-term.

Pangandaman, who chairs the DBCC, stressed that the 2023 NEP embodies the country’s “agenda for prosperity.”

This is aimed at attaining the headline goals of bringing down the budget deficit and debt ratio as a percentage to the national economy, as well as reducing the poverty rate.

“Our agenda for prosperity is one that ensures inclusivity, that no Filipino would be left behind; and sustainability, that our economic progress is mindful of climate change and sustainable development goals,” Pangandaman said.

“The budget is consistent with the priorities outlined by the President during his first State of the Nation Address. This budget is a springboard for the economy’s full-speed recovery and meaningful structural reform,” she said.

Diokno, for his part, maintained that the economic team’s proposed 2023 budget will bolster the country’s bid for a strong recovery and accelerated growth.

As the economic team gave assurance that the government’s fiscal policies stand on solid ground, Balisacan said he is looking forward to a “prosperous, inclusive and resilient economy.”

The 2023 budget was crafted based on and in support of the administration’s eight-point socioeconomic agenda and on pillars that address the immediate and pressing concerns of all Filipinos in the near and medium-term.

It is anchored on strengthening the purchasing power of Filipinos, reducing vulnerability and mitigating scarring from the pandemic, enhancing bureaucratic efficiency through digitalization, supporting local governments through full devolution, among other programs. On the part of Congress, Co said they will work “double time” to ensure that President Marcos’ first full-year budget would be passed into law before the Christmas break.

“The ball is now in the hands of the committee, whatever disposition we shall take. We must act and work together to scrutinize every aspect of this budget to ensure that it is consistent with the socio-economic agenda of the President,” he said in his opening remarks.

“We shall guarantee that every peso authorized in this budget is directed to address food security and inflation, reduce poverty and provide the necessary stimulus for economic transformation,” Co said.

Quimbo also promised to help expedite budget deliberations and pass it the soonest. She maintained that it is critical for lawmakers to approve a well-targeted budget that will be instrumental in paving the country’s path moving forward.?The proposed 2023 budget is 4.9 percent higher than the 2022 appropriation of P5.02 trillion. It is also equivalent to 22.2 percent of the country’s gross domestic product.

Budget hearings

The House has set the budget hearings, starting with two of the government’s revenue-generating agencies – Philippine Charity Sweepstakes Office and the Philippine Amusement and Gaming Corp. – on Aug. 30.

The Departments of Tourism and of Foreign Affairs present their spending plan the next day (Aug. 31), followed by the judiciary, led by Chief Justice Alexander Gesmundo for the Supreme Court down to the lowest courts, on Sept. 1.

The Departments of Energy and of the Interior and Local Government as well as the Energy Regulatory Commission get their proposed budgets scrutinized also on Sept. 1.

On Sept. 2, Executive Secretary Vic Rodriguez will defend the 2023 budget of the Office of the President, where officials of the Departments of Agrarian Reform and Environment and Natural Resources will also appear before the Co-led committee.

It will be the turn of the Department of Agriculture and the National Irrigation Administration on Sept. 5, followed by the Department of Social Welfare and Development the next day.

The Departments of Justice and of Science and Technology will present their spending plans on Sept. 7, while the last agency to defend their budget will be the Department of Public Works and Highways on Sept. 16. – Louise Maureen Simeon