NextGen Day

According to the Department of Budget and Management (DBM), the social services sector will allocate roughly PHP2.071 trillion of the proposed PHP5.268 trillion national budget for 2023.

Budget Secretary Amenah Pangandaman spoke on the sectoral allocation in the first full-year budget of President Ferdinand “Bongbong” Marcos Jr.’s administration for the upcoming year during the Senate hearing on the planned 2023 National Expenditure Program (NEP).

The social services sector would receive PHP2.071 trillion, or 39.3 percent, of the planned national budget for 2023, according to Pangandaman, who presented the sector breakdown.

She said that the health and education sectors fall within social services.

Economic services, which would get PHP1.528 trillion, or 29% of the suggested national budget, came in second among the top prioritized sectors.

According to Pangandaman, most of the funding will support the “Build Better More” Program’s implementation.

She added, “This is consistent with the President’s mission to end poverty, bring about economic change, and quicken the economic recovery.”

Pangandaman estimated that the general public services sector would receive about PHP807.2 billion, or 15.3 percent, of the budget.

The remaining PHP250.7 billion (4.8 percent) will be allocated to the defense sector, leaving PHP611.0 billion (11.6 percent) for interest payments and net lending assistance to government-owned and -controlled businesses (GOCCs).

Pangandaman stated that the proposed budget was broken down by recipient units, regions, and expense classification.

She declared, “We are one with the President in advancing the nation via coordinated measures for economic reform.

In addition, Secretary of Socioeconomic Planning Arsenio Balisacan gave a summary of the socioeconomic performance of the nation and the prospects for future growth and development. Bruce Tolentino, a member of the Bangko Sentral Monetary Board, presented the macroeconomic outlook for the remainder of the year and for the medium term.

Benjamin Diokno, the finance secretary, also provided an update on the state of the Philippine economy, the department’s legislative priorities, the performance of the government’s finances and efforts to borrow money.

Loren Legarda, the President Pro Tempore of the Senate, expressed her appreciation for the fact that the national budget was for the first time anchored on the medium-term fiscal framework (MTFF).

“6.5 to 8% real GDP (gross domestic product) growth per year between 2023 and 2028, and a 9 percent or single-digit poverty rate by 2028 are goals that I share with our economic management. I hope we can achieve these goals sooner and more affordably: pagtulungan po natin (we can work together) – 3 percent national government (NG) deficit to GDP rate by 2028, less than 60 percent NG debt-to-GDP ratio by 2025, and the ultimate attainment of upper middle-income status for Filipinos, as presented by our economic team headed by Secretary Diokno, “She spoke.

In the opinion of Legarda, who previously served as chair of the Senate Committee on Finance, the proposed budget was designed to help achieve the objectives that the federal government and its economic planners had established.

“I think it’s critical that we back these initiatives for economic change, diversity, and sustainability. As a result, I won’t ask any questions, Mr. Chair. I have no concerns about the macroeconomic assumptions in the 2023 National Expenditure Program. However, I will be present at every agency’s hearing and ask questions to assist the chair, “Added her.

To secure the prompt ratification of the Senate’s version of the 2023 General Appropriations Bill, the Senate Committee on Finance, chaired by Senator Juan Edgardo Angara, had stated its intention to wrap up budget discussions by early to mid-October.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---