MANILA - Due to the likelihood of continued fiscal consolidation and an increase in tax…
Budget for ’23 must be passed on time to support the PH program for prosperity.
The planned PHP5.268 trillion national budget for 2023, which President Ferdinand “Bongbong” Marcos Jr. has encouraged Congress to enact right away, will be crucial in assisting the country in achieving economic transformation, growth, and sustainability.
“Increasing production with the overarching determination to leave no Filipino behind, including Filipinos of the future generation, is the key to prosperity, according to this formula. In his budget statement to Congress, he urged them to “let us not spend any more time in realizing our dream.
The timely approval of the proposed budget, according to Marcos, will guarantee that the nation’s objective for development is carried out.
“Now is our chance. Start the process of transforming the economy toward equitable and sustainable growth. Our objective for prosperity can undoubtedly be accomplished with your acceptance of the proposed national budget for 2023, he continued.
He admitted that the Covid-19 epidemic and unforeseen global wars continue to present challenges.
He claimed to be undeterred, nonetheless, because of his confidence in the economic policymakers of the government as well as the Filipino people.
I trust the economic leadership at the helm of our ship to steer us through these storms, the speaker declared.
I have faith in the Filipino people most of all. I am aware that the Filipino people are incredibly strong. From these catastrophes, we’ll be better and stronger. We’ll come to understand the Philippines as the prosperous nation it was always meant to be, he continued.
On Monday morning, Congress received the proposed PHP5.268 trillion National Expenditure Program (NEP) for 2023 from the Department of Budget and Management (DBM).
The greatest portion, PHP852.8 billion, was allocated to the education sector, which includes the Department of Education, State Universities and Colleges, Commission on Higher Education, and Technical Education and Skills Development Authority.
The public works sector (PHP718.4 billion) and the health sector, which includes the Department of Health and the Philippine Health Insurance Corporation, are the next largest spending sectors (PHP296.3 billion).
The planned national budget for 2023 is PHP244 billion (4.9%) greater than this year’s PHP5.024 trillion budget, according to DBM Secretary Amenah Pangandaman during a press briefing. It is the government’s highest-ever spending proposal.
The House appropriations committee will start holding hearings on the NEP on August 26, according to House Speaker and Leyte 1st District Representative Ferdinand Martin Romualdez.
Prior to Oct. 1, when Congress is slated to begin its first recess that will last through Nov. 6, he stated that the House aims to complete committee and plenary deliberations on the budget proposal.
Pangandaman stated that in order to ensure a transparent process for the passing of the General Appropriations Bill, the DBM will work closely with the House Appropriations Committee during the hearings and discussions.
She stated that during the first or second week of December, the DBM anticipates the spending bill to be sent to Malacanang for signing.
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