DBM PRESS RELEASE

The 5th local Philippine Economic Briefing (PEB) was held in Iloilo on December 11, 2023. 

The PEB was opened by Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr. with a special address given by House Speaker Ferdinand Martin G. Romualdez. 

Gracing a local PEB for the first time, House Speaker Romualdez commended the Philippine economic team for its ‘stellar performance,’ saying that the country’s solid footing—despite the external headwinds—can be attributed to their abled management.

The House Speaker also underscored the vital contribution of Department of Budget and Management Secretary Amenah F. Pangandaman in steering the country’s economic growth: “She has been a very, very important influence and a force within the economic managers’ team. No less than the President is really, really proud of her performance and all that she does for the Cabinet and for the country.”

The economy has improved significantly, with the Philippines posting a 5.9 percent Gross Domestic Product growth for the third quarter of the year, outperforming Asian economies such as Vietnam with 5.3 percent, China with 4.9 percent, and Malaysia with 3.3 percent. Headline inflation for November also moderated to 4.1 percent from 4.9 percent in October, while the employment rate rose to 95.8 percent in October.

In August, the Budget Secretary signed DBM Circular Letter No. 2023-10 directing all agencies to produce catch-up plans that will address the government’s underspending recorded in the second quarter of 2023. This has led to improved budget utilization with the Government Final Consumption Expenditure growing at 6.7 percent.

Secretary Pangandaman likewise expressed her gratitude to House Speaker Romualdez and committed to continue leading the efforts of the Department to ensure the realization of the country’s Agenda for Prosperity. Among the reforms shared by the Budget Chief during the panel session, “A Fast-Growing and Forward-Looking Economy,” were the institutionalization of the Philippine Open Government Partnership, digital transformation, cash budgeting system, and enhanced procurement legislation.

The panel discussions for PEB Iloilo were moderated by DBM Undersecretary Margaux Salcedo.

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