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    Budget Planning

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    eblisondra
    The PHP5.268 trillion 2023 national budget aims to fulfill the Marcos administration's agenda for economic transformation and address issues from the pandemic and inflation. The budget is anchored on economic transformation, with pillars focused on strengthening purchasing power, reducing pandemic impacts, and improving efficiency. It is expected to fund the administration's eight-point socioeconomic agenda and create jobs and opportunities for growth.

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    Budget Planning

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    eblisondra
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    The PHP5.268 trillion 2023 national budget aims to fulfill the Marcos administration's agenda for economic transformation and address issues from the pandemic and inflation. The budget is anchored on economic transformation, with pillars focused on strengthening purchasing power, reducing pandemic impacts, and improving efficiency. It is expected to fund the administration's eight-point socioeconomic agenda and create jobs and opportunities for growth.

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    The PHP5.268 trillion 2023 national budget aims to fulfill the Marcos administration's agenda for economic transformation and address issues from the pandemic and inflation. The budget is anchored on economic transformation, with pillars focused on strengthening purchasing power, reducing pandemic impacts, and improving efficiency. It is expected to fund the administration's eight-point socioeconomic agenda and create jobs and opportunities for growth.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    5 views2 pages

    Budget Planning

    Uploaded by

    eblisondra
    The PHP5.268 trillion 2023 national budget aims to fulfill the Marcos administration's agenda for economic transformation and address issues from the pandemic and inflation. The budget is anchored on economic transformation, with pillars focused on strengthening purchasing power, reducing pandemic impacts, and improving efficiency. It is expected to fund the administration's eight-point socioeconomic agenda and create jobs and opportunities for growth.

    Copyright:

    © All Rights Reserved
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    2023 budget to fulfill Marcos agenda for economic transformation

    September 20, 2022, 2:58 pm


    https://www.pna.gov.ph/articles/1184089

    Facts:

    • MANILA – House committee on appropriations chairperson Elizaldy Co on Tuesday vowed the


    timely passage of the PHP5.268-trillion national budget for 2023, as it would ensure the
    fulfillment of the Marcos administration's agenda for prosperity and economic transformation
    and address the effects brought about by the pandemic and inflation.

    • During the start of the plenary deliberations on the General Appropriations Bill, Co said the
    proposed 2023 budget is anchored on the budget theme “Agenda for Prosperity: Economic
    Transformation Towards Inclusivity and Sustainability”, with an overarching objective of economic
    transformation.

    • Co further noted that the spending measure has three main pillars focused on strengthening
    the purchasing power of Filipinos; reducing vulnerability and mitigating scarring from the Covid-
    19 pandemic; and enhancing bureaucratic efficiency.

    • Co said the proposed 2023 budget is 22.2 percent of the gross domestic product (GDP). This is
    4.9 percent higher or PHP244.4 billion more than this year's budget of PHP5.023 trillion.

    • He said in financing the budget, the national government expects revenue collections in fiscal
    year (FY) 2023 to reach PHP3.633 trillion or 15.3 percent of GDP.

    • He said the expected revenue will fund about 69 percent of the PHP5.268 trillion programmed
    disbursements for FY 2023, obliging the national government to partly finance through
    borrowings about 31 percent of the expenditures.

    Concerns:

    • Whether deficit targets are likely to be met, and whether any budget adjustments (both on the
    revenue and expenditure sides) agreed at the preparation stage (or in-year) are being
    implemented as planned.

    • Creating a budget requires many moving parts and phases. These phases can involve lots of
    back-and-forth with department managers before everything is finalized.

    • Whether the outturn is likely to be within the budget figure; whether any changes in
    expenditure priorities (as against past patterns) are being implemented in specific areas as
    planned.
    • Wether any problems are being encountered in budget execution, such as the buildup of
    payment arrears.

    • Consequently, in larger organizations, challenges and complexities are magnified exponentially.

    • It can take organizations three months or longer to manually complete a budget. Most
    organizations prepare the budget right before the new fiscal year.

    Analysis:

    • It embodies the 8-point socioeconomic agenda of the Marcos administration comprised of:
    food security; improved transportation; affordable and clean energy; health care; social services;
    education; bureaucratic efficiency; and sound fiscal management.

    • With more investments, jobs are created. And with more and better jobs come prospects for
    growth. That is the blueprint of our economic recovery

    • The government shall be able to deliver the necessary tools and resources with this budget to
    improve the lives of our constituents and uplift their hope for a better quality of life and future
    prosperity and advancement of the Filipino people.

    Recommendations:

    • The President should present an annual comprehensive FS&T budget, including areas of
    increased and reduced emphasis. The budget should be sufficient to serve national priorities and
    foster a world-class scientific and technical enterprise.

    • Departments and agencies should make FS&T allocation decisions based on clearly articulated
    criteria that are congruent with those used by the Executive Office of the President and by
    Congress.

    • Congress should create a process that examines the entire FS&T budget before the total federal
    budget is disaggregated into allocations to appropriations committees and subcommittees.

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