Economy · August 4, 2022

DBM will present a budget of ₧ 5.27-T on time

The Department of Budget and Management (DBM) is on track to present the national budget proposal P5.268-trillion 2023 to Congress on August 22.

Budget Secretary Amenah F. Pangandaman said the timing for the proposed national budget next year was among the topics discussed in Thursday morning’s meeting between the Marcos administration’s economic team and some members of the Lower House led by President Leyte. Rep. Ferdinand Martin G. Romualdez.

“It was just a quick breakfast meeting. We discussed budget deadlines and committed to presenting the NEP on our part [National Expenditure Program] 2023 on August 22, “Pangandaman told BusinessMirror.

“DBM will show up on time. Indeed, we are now printing the budget documents, “she added.

The proposed national budget for next year was 4.9% higher than this year’s £ 5,024 trillion, but that was the lowest increase in a decade, Pangandaman previously said. The administration’s top budget priorities for the coming year include education, health, safety nets, infrastructure and agriculture.

In addition to the budget, Pangandaman said the legislative agenda was also discussed during the meeting, adding that the National Economic and Development Authority will convene “soon” the Advisory Council for Legislative-Executive Development (Ledac).

Ledac acts as an advisory and advisory body to the President as head of the national economic and planning agency for further consultation and advice on certain programs and policies essential to the achievement of the national economy objectives. It also serves as a venue to facilitate high-level political discussions on vital issues and concerns affecting national development.

Several lawmakers recently urged the Executive to convene the Ledac soon, arguing that the relative inactivity of the advisory body in the past administration partly explained the less-than-ideal link between the Executive and Congress, leading in turn to the veto. of several bills passed by the 18th Congress.

In his first state of the nation address, President Ferdinand R. Marcos Jr. called on the 19th Congress to approve 19 priority measures to help his administration over the next six years.

The President’s priority bills include the following: National Government Rights Enhancement Program; Bill for the modernization of the budget; Bill for the reform of valuation; Law on the taxation of passive income and financial intermediaries; Internet Transaction Law or Electronic Commerce Law; Government financial institutions Unified initiatives for companies in difficulty for economic recovery; enactment of a proxy law for the natural gas industry; changes to the Electric Power Industry Reform Act or EPIRA; and, among others, the amendments to the Build-Operate-Transfer (BOT) law.