The Senate Committee on Finance has started discussions on the proposed P5.268-trillion national budget on Wednesday, September 14.
Finance Secretary Benjamin Diokno told the Senate finance panel, chaired by Sen. Sonny Angara, that the Marcos administration is committed to pursue a “robust economy, inclusive and resilient society” by protecting the purchasing power of families, and creating more jobs to boost employment.
State economic managers also assured that the government is right on track in reducing the country’s vulnerability from the Covid-19 pandemic and ensure sound macroeconomic fundamentals.
“The economic team’s proposed 2023 budget will fortify the country’s bid for a strong recovery and accelerated growth,” Diokno said during the Development Budget Coordination Committee (DBCC) briefing presided by Angara.
“With capable leaders and a robust economic plan, we are confident that we will achieve the Marcos administration’s bold socio-economic agenda,” Diokno further said.
Aside from Diokno, also present during the hearing were Budget Secretary Amenah Pangandaman and National Economic Development Authority (NEDA) Secretary Arsenio Balisacan.
Diokno also presented an overview of the country’s medium-term fiscal plan and the legislative priorities of the government, as well as the current state of the country’s economy and updates on fiscal performance snd borrowings.
After listening to the presentations of the country’s fiscal managers, Angara welcomed increases in the budgets of education, health, and agriculture.
He also noted an increase in the government’s calamity fund despite the small increase in the 2023 national budget.
“Whether it is enough, that is something that we will discover. We will be debating (on the 2023 national budget) in the coming days and weeks,” Angara said.
Next year’s budget is slightly higher than this year’s budget which is P5.024-trillion.