Department of Budget and Management Secretary Benjamin E. Diokno joined other Cabinet members and business and industry leaders in yesterday’s “Dutertenomics” Forum held at Fairmont Makati.
Secretary Diokno gave a presentation on the Duterte administration’s fiscal policy, with emphasis on revenue and spending. During his presentation, he noted the outstanding performance of the Government in terms of spending during the first quarter of 2017.
“National government spending grew by 22.6% in June 2017, while underspending registered at 0.4%. Actual disbursement is almost equal to the programmed budget.”
According to the Secretary, this information is a good indicator for the administration because it is set on “making huge investments in infrastructure and human capital development”.
In the proposed 2018 budget, infrastructure spending totaled to about P1.1 trillion, equivalent to 6.3% of GDP, 27.9% higher than the 2017 budget. This allocation is matched only by the Social Services sector (education, health care, social protection, among other things) which has the biggest share in the proposed 2018 budget with P1.42 trillion, a 37.8% share in the overall budget.
“This goes to show that the administration’s political will is not just talk. We are really set on delivering on our promises,” the Secretary said.
NEDA Secretary Pernia also gave an overview of the Philippine Economy and the Philippine Development Plan 2017-2022, while DTI Secretary Ramon Lopez presented the Comprehensive National Industrial Strategy.
After each of their talks, the CabinetSecretaries and other administration officialsentertained questions during a panel discussion on ‘Build, Build, Build”, the administration’s banner program for infrastructure development.
The event was organized by British Chamber of Commerce Philippines (BCCP) in cooperation with the Presidential Communications Operations Office (PCOO), the Makati Business Club (MBC), the Management Association of the Philippines (MAP), and the Philippines British Business Council (PBBC), with Pru Life UK as the main partner.