NextGen Day

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At the first Philippine Economic Briefing (PEB) for 2023 in Frankfurt, Germany, Department of Budget and Management (DBM) Secretary Amenah Pangandaman gave a presentation on the nation’s top priorities in support of the Philippine Development Plan (PDP) 2023 to 2028, giving European investors an overview of opportunities for collaboration with the Philippine government.

Pangandaman spoke about the PDP’s objective to reform the productive sectors, which includes modernizing agriculture and agribusiness.

The state will offer more farm-to-market highways, the newest agricultural equipment and infrastructure, and a 40 percent boost in the agriculture budget from 2022 to help farmers increase their production and guarantee the nation’s food security.

According to Pangandaman, infrastructure improvements would be made to create a favorable environment for growth, with a focus on public, digital, and social infrastructure.

For its huge transportation projects that will improve accessibility and convenience for everyone in the Philippines, the Department of Transportation has been given PHP106.0 billion.

Public investments in digital infrastructure are focused on fostering a workforce that is tech-savvy and strengthening governance.

Pangandaman assured that the 2023 national budget has sufficient funding for the social services sector, including education with PHP896.08 billion — still the top priority as required by the Constitution, in order to realize the PDP’s goal of developing and protecting the capabilities of individuals and families.

The Department of Social Welfare and Development received PHP199.5 billion, while the Department of Health received PHP314.7 billion.

Pangandaman claimed that legislative and budget reforms are in place to protect the integrity of the budget process and ensure the longevity and continuity of all these programs. The most important of these is the PBBM Governance Bill, which will institutionalize important Public Financial Management reforms like the cash budgeting system.

For the PEB’s European leg, Pangandaman was joined by the Secretaries of Finance Benjamin Diokno, Socioeconomic Planning Arsenio Balisacan, and Bangko Sentral Governor Felipe Medalla.

Following the engagement in Frankfurt, a second meeting with investors and business executives will be placed on January 26 at 5 p.m. in London, United Kingdom (Philippine time).

Cebuano

English

Filipino

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