by: DBM ACTS
Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman emphasized the government’s commitment to improve mobility and interconnectivity during the first international Philippine Economic Briefing (PEB) of the Marcos Jr. administration, hosted by the Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP) in Singapore on September 7.
The Budget Chief said that this shall be done by maintaining high investments in infrastructure at 5.0 to 6.0 percent of GDP annually, consistent with the economic team’s Medium-Term Fiscal Framework (MTFF).
"We will slowly increase our spending on infrastructure from 5.5 percent this year to 6.2 percent in 2028," the Budget Chief stated.
The infrastructure spending target shall be achieved through the implementation of the Build, Better, More Program which will receive a total of P1.2 trillion (5.0 percent of GDP) under the FY 2023 proposed budget.
Nonetheless, Secretary Pangandaman emphasized that the national government shall balance the need for infrastructure programs such as road projects, railways, and other transport systems with social infrastructures: “Of course, we shall also include social infrastructure including basic education facilities like school buildings, as well as health clinics and facilities.”
Finally, the Budget Chief highlighted the importance of having a sustainable economy through digitalization: “We will put enough funding on digitalization for transparency, reduced cost of doing business, and to make our processes more efficient and effective.”
Under the FY 2023 proposed national budget, some P12.47 billion is allocated for various ICT projects throughout the bureaucracy. The national government will also implement a 100-day Roadmap on Digitalization—a first for the Philippines—which aims to diminish human discretion, and consequently eradicate corruption.
by: DBM ACTS
The country’s Economic Team successfully briefed the international business and finance communities on the country’s robust economic performance and investment opportunities during the first international Philippine Economic Briefing (PEB) of the Marcos Jr. administration, hosted by the Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP) in Singapore on September 7.
President Ferdinand Marcos Jr. delivered the keynote speech and highlighted the Philippines as Asia’s fastest rising star: “In the next few years, our economy is expected to outperform our regional peers.”
Meanwhile, DOF Secretary Benjamin Diokno delivered the keynote for the first panel discussion on Economic Performance and Outlook, underscoring that this is the best time to invest in the Philippines: “Our economic prospects are bright and promising. The country's solid macroeconomic fundamentals reinforced by structural reforms enabled us to withstand the headwinds of the pandemic and mount a strong recovery.”
He further shared how the Philippines’ growth outlook is supported by the full reopening of the economy and key structural reforms including the Corporate Recovery and Tax Incentives for Enterprises Act, the Amendments to the Foreign Investments Act, Amendments to the Retail Trade Liberalization Act, and Amendments to the Public Service Act.
The Corporate Recovery and Tax Incentives for Enterprises Act, dubbed as the “largest fiscal stimulus program for enterprises in the country’s history” is aimed to provide “hefty corporate income tax rate cuts” and “more flexibility in the grant of fiscal and non-fiscal incentives.”
To complement these structural reforms, the Finance Secretary also shared the economic team’s Medium-Term Fiscal Framework which will serve as the blueprint to reduce fiscal deficit, promote fiscal sustainability, and enable robust economic growth.
“We face the next six years with full confidence in our bold socioeconomic agenda,” the Finance Chief underscored.
BSP Governor Felipe Medalla, National Economic and Development Authority Secretary Arsenio Balisacan, Department of Budget and Management Secretary Amenah F. Pangandaman, and SM Investments Corp. Vice Chair Teresita Sy-Coson joined the Finance Chief in the panel discussion.
The PEB in Singapore was conducted in cooperation with the Philippine Embassy Singapore and the Philippine Trade and Investment Centre Singapore, together with partner banks namely, BoFa Securities, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, SMBC Nikko, Standard Chartered Bank, and UBS.
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