The chief economic manager of President Ferdinand R. Marcos Jr. lauded Congress for the early passage of the 2023 national budget as it plays a critical role in fueling optimism over next year’s growth prospects.

Finance Secretary Benjamin E. Diokno said the swift enactment of the 2023 General Appropriations Act (GAA) is among the many reasons for his optimistic view about the country’s economic outlook.

“This means that the programs and projects of the national government will start to run from day one of the new year,” Diokno said. “This is especially relevant for public construction which is about one-fifth of the P5.2 trillion national budget.”

The early passage of the 2023 spending plan will enable agencies to start implementing their programs and projects as early as January .

This is especially critical for infrastructure departments, like the Department of Public Works and Highways (DPWH) and Department of Transportation (DOTr), since construction is best done during the first six months of the year.

“Ideally, public construction has to start in the first half of the year because of the favorable weather conditions: more sunny, less rainy, days,” Diokno said.

The 2023 GAA is the fastest passage of the national budget the administration has seen in recent years.

President Marcos already expressed his gratitude for the legislature’s strong support, led by House Speaker Ferdinand Martin Romualdez and House Appropriations Committee Chair and Ako Bicol Party-list Rep. Elizaldy Co.

President Marcos said that the timely passage of the GAA will allow the country to position itself in the new economy.

Many institutions and experts have predicted a global recession in 2023, and consequently, downgraded Philippine gross domestic product (GDP) growth outlook to less than six percent.

The inter-agency Development Budget Coordination Committee (DBCC) expects that the economy will grow by 6.0 percent to 7.0 percent in 2023 in the face of external headwinds.

“But an average GDP growth of 6.5 percent is nothing to be sneezed at: it is still one of the highest, if not the highest, growth rates among ASEAN+6 economies,” Diokno said.

Aside from the budget, Diokno also lauded Congress for the early adoption of the first-ever Medium-Term Fiscal Framework, (MTFF) FY 2023-2028, which President Marcos unveiled in his State of the Nation Address (SONA).

Diokno said the MTFF serves as the new administration’s North Star as it pursues economic and social transformation within a regime of fiscal consolidation.

“In the spirit of national unity, the MTFF was swiftly embraced by both Houses of Congress through a joint resolution,” Diokno said.

“As a result, both the Executive and Legislative Departments of government are on the same page, pursuing the same national aspirations, at least for the next three years,” he added.

He said this unprecedented achievement and display of unity may yet be the envy of all democratic governments in the world.

“As long as the country stays united and its political leaders and policy makers remain focused on economic growth, the Philippines’ future remains bright. The trajectory of its growth will make the country one of the leading economies in the Asia-Pacific region,” Diokno said.