Oliver Bugarin 10 0 0 4 min to read

The House will begin hearings on the national budget for 2023 on Friday.

The projected PHP5.268 trillion 2023 “Agenda for Prosperity” national budget hearings in the House of Representatives are scheduled to begin on Friday.

The House Committee on Appropriations will get an update from members of the Development Budget Coordination Committee (DBCC) on the macroeconomic conditions that the executive branch used to develop the spending plan for the upcoming year.

Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, Secretary Arsenio Balisacan of the National Economic and Development Authority, and Governor of the Bangko Sentral ng Pilipinas Felipe Medalla are the guests invited to the budget briefing.

In considering and passing the 2023 federal budget, Speaker Martin Romualdez promised that the House will “properly respond to the needs of the people, notably in tackling the prolonged effects of the health crisis and in creating more jobs and ensuring food security.”

The chamber, he added, will make sure “that every centavo of the national budget will be spent prudently to execute projects that would save lives, protect communities, and make our economy strong and more flexible.”

In addition, he promised that the budgeting process would be open.

“The budget will be a joint effort of the entire House of Representatives, where the majority will pay attention to the concerns of the minority and, of course, where we as the people’s representatives will also be aware of their requirements. This budget essentially embodies the country’s agenda for success in the years ahead, according to Romualdez.

The funding bill is expected to be approved by the House on or before September 30.

On October 1, Congress is expected to take its first break. The break will end on November 6.

By wrapping up its budget hearings by September 16, the House appropriations committee will have given the House two weeks to examine and approve the suggested 2023 budget in plenary.

The expenditure for the following year is PHP244 billion, or 4.9 percent, greater than the PHP5.024 trillion spent this year.

The spending plan is intended to achieve an eight-point agenda, which is based on budget documents: food security, better transportation, affordable and clean energy, social services, health care, in-person education, bureaucratic efficiency, and solid financial management.

The DBM states, “To ensure food security and agricultural production, the agriculture sector will get a large boost of 39.2 percent, with a total planned budget of PHP184.1 billion.”

According to the report, the Build Better More Program of the Marcos administration has earmarked PHP1.2 trillion for “shovel-ready” infrastructure projects to “boost growth in agriculture, trade, and tourism sectors and eventually lower transportation and logistics costs.”

The biggest allocation of PHP852.8 billion would go to the education sector, while PHP296.3 billion will go to the health sector.

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