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Fiscal “roadmap for prosperity” under the Marcos administration: DBM
The Marcos administration’s Medium Term Fiscal Framework (MTFF) will act as a guide for the nation’s development, the Department of Budget and Management (DBM) declared on Tuesday.
Amenah Pangandaman, the budget secretary, praised the Senate and House of Representatives for simultaneously supporting the administration’s 2022–2028 MTFF.
Pangandaman stated in a news release that “The MTFF is the roadmap for our Agenda for Prosperity,” emphasizing that it is the first time that a Congress has adopted a complete fiscal policy for the duration of an administration through a resolution ratified by Congress.
The Marcos administration’s 2022–2028 MTFF, which aims to harmonize all economic recovery measures and legislative agendas, was supported by a resolution passed by the Senate last week.
Pangandaman praised the legislators for their dedication to ensuring that the goals outlined in the budgetary framework will serve as a guide for their legislative agenda.
“It is great to see that Congress and the administration share the same goals for the country’s economy. She said that we applaud Congress for passing resolutions supporting the MTFF by the Senate and the House of Representatives.
The framework calls for the government to achieve 6.5 to 7.5 percent GDP growth in 2022, a 9 percent or single-digit poverty rate by 2028, a 3 percent national government deficit to GDP ratio by 2028, and a national government debt-to-GDP ratio of less than 60 percent by 2025, according to Pangandaman.
“We have structured our National Expenditure Program (NEP) with these aims in mind,” she stated.
Pangandaman praised Congress for acknowledging the significance of a plan for resource mobilization and fiscal consolidation, which includes steps like right-sizing government buildings and employees.
The MTFF will act as the nation’s guide, focusing on reducing the fiscal deficit, fostering fiscal sustainability, and fostering vigorous economic growth as it begins to recover from the Covid-19 pandemic.
Sonny Angara, chair of the Finance Committee, sponsored Senate Concurrent Resolution No. 3 in support of the MTFF, and Stella Luz Quimbo, deputy chair of the House Appropriations Committee, supported a comparable resolution filed in the House of Representatives.
The resolution backs both the short- and long-term socioeconomic agendas that deal with concerns including energy security, food security, transportation and logistics, fiscal management, social protection, and administrative effectiveness.
Additionally, it calls for a review and revision of the MTFF to reflect recent economic trends and conditions after three years, or in 2025, just before the 20th Congress.
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