NextGen Day

On Friday, Senator Sonny Angara informed his colleagues that the Senate has preserved the tenets of the Medium-Term Fiscal Framework despite their revisions to the 2023 General Appropriations Bill (GAB) (MTFF).

He also recognized the administration’s efforts in developing the MTFF.

Angara, the chair of the Finance committee, made his opening remarks at the bicameral conference with the House of Representatives (HRep) at the Manila Golf Club in Makati City. “I know the current administration worked overtime to place there the important programs, especially the ones that the president promised during the campaign, like the increased funding for agriculture, the continuation of the ayuda (aid) in a more targeted form,” he said.

He continued, “I believe this is the first administration to pass a medium-term fiscal framework to help us pass the General Appropriations Act.”

Angara also expressed gratitude to congressmen for allowing the Senate sufficient latitude to consider the 2023 GAB.

In his four years and those of his predecessor, he stated, “You gave us adequate time so we’re not hurrying and I think this is one of the earliest if I’m not mistaken, the earliest date we’ve met to hold the bicam.”

The bicam met in 2021 on December 6 and approved the budget on December 15.

The bicam intends to ratify the law this year before Congress’s holiday recess on December 17.

“We have enough time. Before the year’s end, the budget will be officially approved. According to Speaker Martin Romualdez’s remark, it is the most crucial tool for achieving the goals of the President’s Agenda for Prosperity and his eight-point socio-economic development plan.

In line with the Agenda of Prosperity: Economic Transformation Toward Inclusivity and Sustainability of this Administration, he continued, “Our effort is to act swiftly on this problem.

As President Ferdinand R. Marcos Jr.’s first full-year spending proposal, the 2023 GAB, according to Romualdez, will “sustain or even accelerate our economic growth.”

According to House Deputy Speaker Ralph Recto, the reconciled budget would be an instrument for growth and recovery.

In another statement, he stated, “I am convinced that the budget will be better responsive to both possibilities and problems next year.

Senator Alan Peter Cayetano encouraged the bicam committee to make the PHP5.268 trillion national budget for 2023 responsive to efforts to recover from the financial effects of the epidemic and match it with the administration’s aims.

“What time is the morning pagbubusisi of the GAB at the Senado?” (This GAB went through thorough scrutiny in the Senate). The Senate leadership and our chairperson, Sonny Angara, did a fantastic job, he stated in a statement, praising his coworkers for their diligence.

Senators Pia Cayetano, Loren Legarda, Imee Marcos, Cynthia Villar, Ronald Dela Rosa, Sherwin Gatchalian, Christopher Go, Risa Hontiveros, Nancy Binay, Grace Poe, Francis Tolentino, Mark Villar, JV Ejercito, Francis Escudero, and Jinggoy Estrada are also members of the Senate in the bicam in addition to Angara and Cayetano.

The national budget for 2023 was approved by the HRep on September 28 and the Senate on the following day.

The MTFF aims to increase GDP by 6.5 to 7.5 percent in 2022 and by 6.5 to 8 percent annually from 2023 to 2028. It also aims to reduce poverty to 9 percent by 2028, reduce the government deficit to 3 percent by that year, reduce the debt-to-GDP ratio to less than 60 percent by 2025, and achieve upper-middle-class status.

The 8-Point Socioeconomic Agenda, which includes the MTFF, addresses issues with food security and public health, develops social protection programs, lowers the cost of transportation and energy, aims to bring back 100% face-to-face instruction, and improves bureaucratic effectiveness and prudent financial management.

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