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Manila Bulletin devider Business devider Gov't increases proposed 2025 budget to P6.352 trillion

Gov't increases proposed 2025 budget to P6.352 trillion

Published Jun 27, 2024 11:21 am

The Department of Budget and Management (DBM) announced that it will increase the government’s proposed budget for 2025 by 10 percent to P6.352 trillion from P5.768 trillion in 2024. 

During a briefing of the Development Budget Coordination Committee (DBCC), DBM Secretary Amenah F. Pangandaman said that this figure is equivalent to 22 percent of the gross domestic. It was also higher than the P6.200 trillion set previously.

“In evaluating the agencies’ budget proposals for FY 2025, DBM considered several factors such as the availability of fiscal space, implementation-readiness of programs and projects, agency absorptive capacity, and alignment with expenditure directions,” the DBM said.

“The programs under the Three (3)-Year Rolling Infrastructure Program (TRIP), Information Systems Strategic Plan (ISSP), and Program Convergence Budgeting (PCB) were also prioritized,” it added.

The budget increase is attributed to the positive growth in revenues, Pangandaman added.

She added that it is the budget plan is almost done and will be submitted to the Congress one week after the president's State of the Nation Address.

The revenue projection for this year was retained to P4.269 trillion this year, while the 2025, 2026, 2027, and 2028 were all increased to P4.644 trillion, P5.063 trillion, P5.627 trillion, and P6.249 trillion.

Department of Finance Chief Economist Domini Velasquez said that the revision of revenue growth in the next four years is due to larger collections and tax reforms from BIR and BOC such as digitalization.

“Additionally, we do have tax reform measures, although we do not have any new tax measures that are inflationary, we do have tax measures in Congress and this should add to around P42 billion annually,” Velasquez said in the same briefing.

Inflation target

Despite the reduction in rice tariff, the DBCC has revised upward its inflation target to 3 percent to 4 percent from the previous 2 percent to 4 percent set previously 

However, it maintained the 2 percent to 4 percent inflation growth for 2025 and 2026 to 2028.

"We are determined to achieve price stability and return to the target range of 2.0 to 4.0 percent from 2025 to 2028 through the proactive implementation of monetary policy measures and well-targeted government interventions that address the primary drivers of inflation," the DBCC stated.

"This includes implementing the new Comprehensive Tariff Program for 2024-2028 to improve the affordability of essential commodities amid the rising global prices, and the Food Stamp Program to mitigate the impact of elevated food prices on the poor and vulnerable sector," it added.

Bangko Sentral ng Pilipinas Deputy Governor Francisco G. Dakila said that the DBCC inflation forecast already considered the impact of rice tariff reduction.

“The monetary board came up with a risk adjustment inflation forecast of 3.1 percent for 2024, the factors initially discussed during the meeting. So that already accounts for the impact of reducing tariff rice,” Dakila said in a briefing of the Development Budget Coordination Committee.

The central bank eased its risk-adjusted inflation forecasts to 3.1 percent for both 2024 and 2025 from 3.8 percent and from 3.7 percent, respectively.

 

Related Tags

Inflation rate 2024 budget Department of Budget and Management (DBM)
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