The Development Budget Coordination Committee (DBCC) briefed the Senate Committee on Finance chaired by Sen. Juan Edgardo “Sonny” Angara on the highlights of the 2023 National Expenditure Program (NEP).
Budget Secretary Amenah Pangandaman presented the dimensions, as well as the proposed new special and general provisions that will govern the first full-year budget of the Marcos Jr. administration.
In terms of sectoral breakdown, the social services sector (Php2.071 trillion or 39.3 percent) covering education and health, among others, is allotted the largest share of the Php5.268 trillion proposed national budget.
This is followed by the economic services sector (Php 1.528 trillion or 29.0 percent) which will largely support the Build, Better, More Program.
“This is consistent with the President’s goal to reduce poverty, usher in economic transformation, and accelerate economic recovery,” the Budget Chief shared.
Meanwhile, the general public services sector will be allocated with Php807.2 billion (15.3 percent); debt burden with Php611.0 billion (11.6 percent) for net lending assistance to Government-Owned and Controlled Corporations (GOCCs) and interest payments; and finally, defense with Php250.7 billion (4.8 percent).
Pangandaman also presented the proposed budget by expense classification, by recipient units, and by regions.
“We are one with the President in moving the country forward through united efforts for economic transformation,” she underscored.
Bangko Sentral Monetary Board member Bruce Tolentino presented the macroeconomic outlook for the rest of the year and for the medium-term, while Socioeconomic Planning Secretary Arsenio Balisacan provided an overview of the country’s socioeconomic performance and the prospects for further growth and development.
Finally, Finance Secretary Benjamin Diokno presented the current state of the Philippine economy, updates on fiscal performance and borrowing efforts, overview of the medium-term fiscal plan, and the legislative priorities of the Department of Finance.
Sen. Angara earlier expressed the Committee’s goal to finish the deliberations in early to mid-October to ensure the timely approval of the Senate’s version of the 2023 General Appropriations Bill.
