
Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman encouraged members of the government, the academe, and development organizations to adopt innovative and tailor-fit approaches to address the country’s needs and challenges during her keynote speech at the 2024 Fiscal Policy Conference, held on November 22 at the University of Asia and the Pacific (UA&P) in Pasig City.
The Budget Chief, who is also the Development Budget Coordination Committee (DBCC) Chairperson, discussed the macroeconomic gains from effective fiscal policies and highlighted that the country remains on track to achieve its economic targets. However, she also called on citizens to remain vigilant as to challenges that may hinder socioeconomic transformation.
“We recognize that we must still constantly be on the lookout for innovative approaches tailor-fit to the country’s current needs—with the interest and welfare of the people as our top priority,” Secretary Pangandaman said.
Structural Reforms
The Budget Chief and DBCC Chairperson also highlighted the need for structural reforms to support the country’s sound fiscal management, including the Public Financial Management (PFM) Reforms Roadmap 2024-2028, the New Government Procurement Act (NGPA), and the preparation of catch-up plans to address underspending and expedite the delivery of services to the Filipino people.
During the plenary session, Ateneo de Manila University (AdMU) Professor Dr. Cielito F. Habito likewise called for reforms, particularly in the education sector, to be complemented with enhancements in universal health care to address malnutrition in children. This, according to him, will be key to maximizing the “demographic sweet spot” in economic development that the Philippines is supposedly in.
Whole-of-Society Approach
Meanwhile, UA&P President Dr. Winston Conrad B. Padojinog emphasized that the government needs to build the trust of the Filipinos to encourage their participation towards an inclusive and equitable governance.
Bangko Sentral ng Pilipinas (BSP) Monetary Board Member Dr. Benjamin E. Diokno likewise highlighted the need for a whole-of-government approach to addressing concerns such as inflationary pressures. He outlined the various avenues through which the BSP ensures monetary and fiscal policy coordination, particularly its collaboration with national government agencies and the DBCC.
Towards a Stronger Fiscal Future
Dr. Habito, however, reiterated that more than the budget and the policies, effective and efficient government spending should also be prioritized. He also discussed the importance of enhancing public investment efficiency through more public-private partnerships.
University of the Philippines Diliman School of Economics Professor Emeritus and National Scientist Dr. Raul V. Fabella, on the other hand, posed a challenge to this generation and Administration—to increase the country’s investment rate, which he believes is the foundation of economic progress.
Before the plenary session ended, Secretary Pangandaman reminded the participants that, “The Filipino people are relying on us in steering the country’s trajectory towards our Agenda for Prosperity, through improved fiscal health, which will situate them in an environment that allows and encourages them to fulfill their dreams and aspirations.”
With the theme “Effective Governance Towards a Stronger Fiscal Future,” the Fiscal Policy Conference 2024 was organized by DBM’s Budget Policy and Strategy Group led by DBM Principal Economist Dr. Joselito Basilio and Assistant Secretary Romeo Balanquit.
DBM Undersecretary Margaux Salcedo was Master of Ceremonies.
Breakout sessions on social impact and taxation, poverty and welfare, regional fiscal analyses, public reforms, public spending, debt management and public financing were also held after the plenary session.
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