House Speaker Martin Romualdez has expressed high hopes on the proposed P5.268-trillion national budget, which moved one step closer to enactment Monday, Dec. 5, after Bicameral Conference Committee meetings on the measure were concluded.
“With this budget, which is the first full-year spending plan proposed by the President, we hope to hasten our economic growth, which should benefit our people,” Romualdez said in a statement.
Romualdez, Leyte’s 1st district congressman, went on to congratulate the House of Representatives and Senate leaders for approving the bicam report on the national budget.
The P5.268-trillion General Appropriations Bill (GAB) is the biggest in the country's history in terms of amount.
The Bicameral Conference Committee--comprised of House and Senate members is co-chaired by Ako Bicol Party-list Rep. Zaldy Co and Senator Sonny Angara. The panel held its second and last meeting Monday wherein the bicam report on the budget bill was finally approved
The panel is jointly chaired by Ako Bicol Rep. Elizaldy Co, House appropriations committee chairman, and his Senate counterpart, Sen. Sonny Angara.
Romualdez said the forecast of respected international credit rating and financial research agency Moody’s Investor Service that the Philippines would be the best economic performer in the Asia-Pacific region next year “augurs well for the nation".
For the most vulnerable sectors, Romualdez pointed out that the budget bill would continue to provide hundreds of billions in financial aid, such as medical, transportation, educational, and even burial assistance.
He added that the Department of Budget and Management (DBM) would be able to start releasing agency appropriations at the beginning of 2023 to keep the economy’s growth momentum.
Romualdez reiterated his assurance that the nation would have a 2023 budget before Congress goes on its Christmas recess on Dec. 17.
“It is the most important tool in accomplishing the objectives of the President’s Agenda for Prosperity and his eight-point socio-economic development plan,” the Speaker added.