Senate President Pro Tempore Loren Legarda today Sept. 14 manifested her support for the proposed 2023 P5.268- trillion National Expenditure Program (NEP), or the President’s budget.

‘’I believe in the rationale presented by the Department of Budget and Management (DBM) in the National Expenditure Program (NEP) turned over to Congress last August 22 and explained further in the President's Budget Message, with the theme ‘Agenda for Prosperity: Economic Transformation Towards Inclusivity and Sustainability.’

Legarda issued the statement after senators attended a briefing on the NEP by President Marcos’ economic managers at the Senate building today.

She said she has read and studied both the President's Budget Message and the National Expenditure Program.

‘’I appreciate that the National Budget, for the first time, is anchored on the Medium Term Fiscal Framework – which our Chair so ably, comprehensively defended on the Floor – and the 8-Point Socioeconomic Agenda that serve as the roadmap for economic transformation that the present administration seeks to achieve,’’ she pointed out.

Senator Juan Edgardo M. Angara is chairman of the Senate finance committee.

‘’I am one with our economic managers in seeking to achieve the goals of 6.5 to eight percent real GDP (gross domestic product) growth annually between 2023 and 2028, nine percent or single digit poverty rate by 2028 – I hope we can bring it sooner and lower; pagtulungan po natin – three 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 led by Secretary (Benjamin) Diokno,’’ Legarda said.

‘’After a thorough perusal of the budget, at least in the macro sense, I believe and it is clear to me that it is structured towards the attainment of the goals that you have so aptly set,’’ she stressed.

‘’As such, I believe it is important for us to support these efforts towards economic transformation, inclusivity and sustainability. Therefore, I will not ask any question, Mr. Chair, I have no objections to the 2023 National Expenditure Program in so far as the macro-economic assumptions are concerned, but of course, I will be present in every and each agency’s hearing and posit questions to help the Chair,’’ she added.

Budget Secretary Amenah Pangandaman presented to the members of the committee on finance the highlights of the proposed P5.268 trillion 2023 national budget.

Pangandaman said the proposed expenditure program is 4.9 percent higher than this year’s budget and is equivalent to 22.2 percent of the Gross Domestic Product.

By expense item, personnel services expenditure has the largest share at 31 percent or P1.631 trillion; capital outlays at 18.6 percent or P980.3 billion; allocations to local government units at 18.3 percent or P962.2 billion; maintenance and other operating expenses at 16.6 percent or P873.2 billion; support to government-owned and controlled corporations at 3.7 percent or P195.8 billion; debt burden at 11.6 percent or P611 billion; and tax expenditure fund, 0.3 percent or P14.5 billion.