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Manila Bulletin devider Philippines devider National devider DTI's 2024 budget must be augmented; Co explains why

DTI's 2024 budget must be augmented; Co explains why

Published Aug 28, 2023 04:09 am

At A Glance

  • The House Committee on Appropriations chaired by Ako Bicol Party-list Rep. Zaldy Co is eyeing the augmentation of the proposed 2024 budget of the Department of Trade and Industry (DTI), which is the country's "main investment promotion agency". 

FB_IMG_1685069587059.jpgAko Bicol Party-list Rep. Zaldy Co (Facebook)

The House Committee on Appropriations is eyeing the augmentation of the proposed 2024 budget of the Department of Trade and Industry (DTI), which is the country’s "main investment promotion agency".

Thus, said Ako Bicol Party-list Rep. Zaldy Co ahead of the resumption of the committee's hearings on the P5.768-trillion National Expenditure Program (NEP) for 2024 on Tuesday, Aug. 29. Co chairs the committee.

“If we are really serious in generating more investments and creating better-paying jobs for our people, Congress must ensure that DTI and its attached agencies have the resources to its do work properly,” said Co in a statement Monday, Aug.28.

"We also have to spend more to develop the products we export as well as train Filipinos to be entrepreneurs; to be job creators, not seekers," he added.

During last week's budget hearing, DTI Secretary Alfredo Pascual lamented the decision of the Department of Budget and Management (DBM) to set the agency’s expenditure program next year to P7.91 billion, an increase from the spending plan this year but a mere third of the DTI’s original budget proposal of P21.03 billion for 2024.

The Office of the Secretary and the Board of Investments (BOI) were among the biggest losers in the national expenditure program for 2024. DBM cut the Office of the Secretary’s budget to P5.32 billion from the proposed P12.61 billion while the allocation for the BOI was reduced to P659 million from the agency’s proposed P1.85 billion.

Data comparing DTI’s proposal and the budget DBM submitted to Congress also showed reductions in spending for development projects for industry; and for micro, small and medium enterprises (MSMEs); consumer protection program; Malikhaing Pinoy and establishment of Negosyo Centers.

Pascual said programs designed by DTI to better prepare the economy for newer technologies like artificial intelligence (AI) were also left unfunded in the 2024 NEP.

Many lawmakers shared Co’s sentiment and pledged support to find ways to supplement, if not increase, DTI's budget, its attached agencies and its various investment-promotion and job-creation programs.

Marikina City 2nd district Rep. Stella Quimbo, a senior vice chairman of the appropriations panel, said the need to provide more financial support for DTI and its programs is highlighted by the slowdown in gross domestic product growth to 4.3 percent in the second quarter from 6.4 percent in the first quarter.

Related Tags

national expenditure program zaldy co Department of Trade and Industry
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