MENU

Thumbnail Secretary Benjamin E. Diokno gives a statement during the Climate Finance Ministerial Meeting on October 13, 2018 held in Bali, Indonesia.  DBM Secretary Diokno shared the Philippine Government’s practice of climate budgeting during the Climate Finance Ministerial Meeting, one of the key events during the World Bank (WB)-International Monetary Fund (IMF) Annual Meetings held in Bali, Indonesia on October 13, 2018.   Climate Budgeting is the process of identifying, classifying, and tagging climate change expenditures using a common policy-based typology, developed in response to the results to the 2013 Climate Public Expenditure and Institutional Review, and in light of the Philippines’ own public finance reform agenda.   The Philippines is seen as a global leader in climate financing as proposals mandating the reporting of climate spending by governments are still being put forward by negotiators involved in the implementation of the Paris Agreement.   According to Secretary Diokno, “the Philippines is putting its money where its mouth is” with the budget for climate change progressively increasing at an average rate of 19% in recent years. This is faster than the average increase of the...
Thumbnail Secretary Benjamin Diokno speaks with members of the media in his weekly press conference, Breakfast with Ben, held on October 17, 2018  DBM Office in Manila.     From the cash-based equivalent budget of PhP7.6 billion in 2018, the proposed budget of the Technical Education and Skills Development Authority (TESDA) for 2019 grew by 94.7 percent to PhP14.8 billion. The growth is consistent with the sustained investment of the Administration in social services.   According to DBM Secretary Benjamin E. Diokno, the TESDA budget is reflective of the government’s effort to equip the country’s biggest asset—its people—with skills level for specialized labor markets and emerging industries.   Around PhP2.3 billion of said budget will fund the Training for Work Scholarship Program (TWSP). Said Program, with 163,672 target enrollees, aims offer courses required by priority industries and key employment generators such as agri-business and tourism.   Another PhP7.0 billion, lodged under the PhP51-billion budget of the Universal Access to Quality Tertiary Education, is earmarked to cover the cost of tertiary education for students enrolled in Technical-Vocational Institutions registered under the TESDA....
In this interview, Secretary Diokno updates us on the progress of the Philippines’ first cash-based budget in Congress, explains tax reform, not only in light of financing infrastructure development but as a structural reform aimed at regional competitiveness, and discusses the revision of growth targets for the medium term and the pursuit for more aggressive economic reforms amidst inflationary pressures. var player = new Clappr.Player({ source: '/images/videos/SBED-IMF-2018-Bali-Indonesia.mp4', poster: '', height: '100%', width: '100%', autoPlay: true, loop: true, //hideMediaControl: 0, parentId: '#avID_AVPlayerID_0_d5c57953d869634f95b9b473c57aa633' });  
We, the members of the Development Budget Coordination Committee (DBCC), held the committee’s 174th meeting today to revisit the Duterte administration’s medium-term fiscal program and macroeconomic assumptions in light of recent local and global developments.   Revenue collections are projected to reach PhP 2.820 trillion in 2018, equivalent to 16.1% of Gross Domestic Product (GDP), with the Tax Reform for Acceleration and Inclusion (TRAIN) contributing PhP 63.3 billion. This is slightly lower than the original PhP 2.846 trillion revenue program for 2018 with the deferred implementation of E-receipts and fuel marking under TRAIN.   The implementation of the TRAIN Law has been very satisfactory. We urge Congress to pass the succeeding packages of the Comprehensive Tax Reform Program (CTRP) to put in place a simpler, fairer, and more efficient tax regime while financing the country’s development priorities.   In addition, disbursements in 2018 are targeted to hit PhP 3.346 trillion, or 19.1% of GDP. The adjustment from the original disbursement program of PhP 3.370 trillion is due to the updated revenue projections for 2018.   The strong momentum of public spending will be sustained as the...
“The NCA utilization rate hit 97% as of the end of the third quarter. This means that government agencies were able to use the cash allocations authorized to them to finance the delivery of public services,” said Budget and Management Secretary Benjamin E. Diokno. “It means that infrastructure agencies were able to pay contractors for the completion of much-needed public infrastructure. It means that funds have been disbursed for priority social programs, particularly in education, healthcare, and poverty-alleviation,” he added.      The Department of Budget and Management (DBM) reported that as of end-September 2018, the utilization of Notices of Cash Allocation (NCA) stood at 97%. An NCA refers to cash authority issued by the DBM to agencies and operating units, through authorized government-servicing banks, to cover the cash requirements of programs and projects of the government.            As of the end of the third quarter of 2018, NCA releases stood at PhP 2.149 trillion. Meanwhile, NCA utilization which combines cash disbursements and outstanding checks amounted to PhP 2.083 trillion, yielding a utilization rate of 97%.         With regards to line departments, NCA releases for the same period reached...
Thumbnail DBM Secretary Benjamin E. Diokno was a key speaker during the High-Level Dialogue on Disaster Risk Financing and Insurance (DRFI), one of the highlight events during the 2018 World Bank–International Monetary Fund Annual Meetings. Secretary Diokno shared the Philippines' experience in DRFI, particularly on sources of financing, and budgetary instruments and trends. According to the Secretary, financing for disasters should factor in "timing of post-disaster financing needs and longer terms costs of sources of financing." “The Philippine government recommends combining different risk financing instruments to protect against events of different frequency and severity,” he said. “Risk layering [...] ensures that cheaper sources of money are used first, with the most expensive instruments used only in exceptional circumstances,” he added. He shared that the government has a standby loan facility that provides immediate liquidity in the aftermath of a disaster. Apart from this, the Bureau of Treasury has also secured a Parametric Insurance Policy from the Government Service Insurance System (GSIS) that offers payouts without need for actual assessment loss in the aftermath of...
Thumbnail Published in www.reuters.com | October 10, 2018 Article by Sumeet ChatterjeeFransiska Nangoy   NUSA DUA, Indonesia (Reuters) - The Philippines expects economic growth to recover to 7-8 percent target next year despite global uncertainties, as it pushes ahead with massive infrastructure spending plans, the country’s budget secretary said on Wednesday. Benjamin Diokno said the gross domestic product (GDP) growth would be back to targeted level next year, mainly bolstered by President Rodrigo Duterte’s $180-billion infrastructure building campaign. “We are confident that we would be back on track next year,” Diokno told Reuters. “We are very positive that our “Build, Build, Build” program will sustain growth of around 7 percent for the next 10 years.” In the second quarter, annual growth slowed to a near three-year low of 6.0 percent, leaving it set to undershoot the government’s target of 7-8 percent for this year. The International Monetary Fund (IMF) and the Asian Development Bank (ADB) have trimmed their 2018 growth forecasts for the Philippines. The IMF expects 6.5 percent expansion while the ADB foresees 6.4 percent. The weak peso has also helped lift inflation, which in September...

More in Press Releases

Pin It