Oliver 12 0 0 5 min to read

The overall objectives of the Marcos administration are supported by the P5.268-T national budget.

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The Marcos administration’s objectives to increase employment and lessen poverty are still supported by the PHP5.268 trillion national budget for 2023, the Department of Budget Management (DBM) announced on Wednesday.

After President Ferdinand R. Marcos Jr. signed Republic Act (RA) No. 11936, also known as the General Appropriations Act (GAA) of 2023, on December 16, DBM Secretary Amenah Pangandaman made this statement.

The GAA for fiscal year (FY) 2023, which is 4.9 percent higher than the GAA for this year, will act as a road map for strong economic growth and the creation of more high-quality jobs that are environmentally friendly over the following six years.

By guiding our economy back to its high-growth trajectory as outlined in our medium-term fiscal framework, we will be able to achieve this. Naturally, to sustain inclusive and resilient growth in the foreseeable future, we will need the concerted efforts of all sectors, Pangandaman said in a press release.

She referred to the initial expenditure plan of the Marcos administration as the “beginning point” of the 8-Point Socioeconomic Agenda, which strives to address urgent issues facing the nation, such as inflation, by preserving families’ and consumers’ purchasing power.

The national budget for 2023 includes a goal to lessen the socioeconomic damage caused by the Covid-19 pandemic.

The indicative financial allocations under each of the eight points of the socioeconomic agenda are as follows, according to the DBM:

Security of food: PHP 174 billion (of which PHP156.6 billion will be used to support banner programs of the Department of Agriculture such as the National Rice, Corn, Livestock and Fisheries Programs)

Transportation Improvements: PHP976.5 billion (of which PHP894.2 billion and PHP82.3 billion will go to the Department of Public Works and Highways and Department of Transportation)

-Affordable and Clean Energy: The Department of Energy will invest PHP10.2 billion through its various programs to support its commitment to ensuring a dependable and secure mix of energy supplies.

-Healthcare – 342.4 billion PHP (of which PHP314.6 billion will go to the Department of Health and Philippine Health Insurance Corp. for the provision of access to healthcare services through the construction, rehabilitation, and upgrading of health facilities and purchase of medical equipment, as well as the provision for the National Health Insurance Program for social health protection)

Education: PHP778.6 billion (of which PHP720.4 billion, PHP31.7 billion, and PHP16.2 billion, respectively will go to the Department of Education, Commission on Higher Education and Technical Education and Skills Development Authority for the safe reopening of schools)

Social services accounted for PHP239.1 billion (of which PHP196.7 billion will go to the Department of Social Welfare and Development to implement its various social assistance programs including the Pantawid Pamilyang Pilipino Program, Social Pension for Indigent Senior Citizens, and Protective Services for Individuals and Families in Difficult Circumstances, among others)

-Adequate Financial Management – 21.6 billion PHP (of which PHP13.1 billion, PHP5.2 billion, and PHP1.7 billion, respectively will go to the Bureau of Internal Revenue and DBM)

Bureaucratic Efficiency: PHP15.6 billion will be spent digitalizing government operations and processes, including assisting in the transformation and digitalization of the entire government with the goal of streamlining the bureaucracy.

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