DBM PRESS RELEASE
April 24, 2023
The Development Budget Coordination Committee (DBCC), chaired by Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, fleshed out the government's strategies to achieve near- and medium-term objectives during the press conference following its 184th meeting today at the Department of Finance.
The DBCC stated that despite projections on inflation ranging from 5.0 to 7.0 percent in 2023, it will continue “taking proactive measures to bring inflation back within the target range while developing physical, social, and digital infrastructures to gear up the Philippines for more investments and opportunities.”
Meanwhile, Finance Secretary Benjamin Diokno revealed that revenue is expected to improve from Php 3.73 trillion in 2023 to Php 6.62 trillion in 2028.
“Revenue projections in the medium term are expected to improve...as proposed tax revenue measures under the MTFF such as the Package 4 or the Passive Income and Financial Intermediary Taxation Act, VAT on digital service providers, excise taxes on single-use plastics and pre-mixed alcohol are expected to be implemented starting 2024,” Finance Secretary Diokno said.
Disbursements are also sustained above 20 percent of GDP, while the deficit is targeted to progressively decline from 6.1 percent of GDP in 2023 to 3.0 percent of GDP in 2028.
National Economic Development Authority (NEDA) Secretary Arsenio M. Balisacan emphasized inclusivity amidst investments becoming a key driver of growth: "The thrust of the Philippine Development Plan (PDP) and the Medium-Term Fiscal Framework (MTFF) gives a lot of attention on the scarring issues and inclusivity of growth. It’s not just growth that matters. What is more important is the inclusivity of growth where everybody benefits."
He elaborated that by providing more quality jobs, people's productivity will increase and result in economic stability of Filipino households. In support of the Philippine Development Plan (PDP) 2023 to 2028, the strategies of the government will focus on modernizing agriculture, expanding agri-business, enhancing private sector participation in infrastructure development, promoting digital transformation, and encouraging the competitiveness of local industries, among others.
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