DOF: Early Enactment Of 2023 Budget For Growth

Finance chief Benjamin Diokno looks with optimism at the early enactment of the 2023 budget for growth amid risks of global economic slowdown.

President Marcos Jr. recently approved the 2023 national budget and signed the General Appropriations Act which aims to mitigate the socioeconomic implications of the ongoing pandemic.

“This means that the programs and projects of the national government will start to run from day one of the new year,” Diokno said.

“This is especially relevant for public construction which is about one-fifth of the P5.2 trillion national budget,” he added.

With the early enactment of the national budget, agencies get to implement their projects as early as January.

This will be beneficial for the Department of Public Works and Highways and the Department of Transportation for their construction projects in the first six months of the year.

“Ideally, public construction has to start in the first half of the year because of the favorable weather conditions – more sunny, less rainy days,” Diokno said.

Marcos Jr. said the approved 2023 budget will help the Philippines prepare for the looming recession in 2023, as predicted by global and local banks and institutions.

Additionally, the Marcos administration’s economic team adjusted its 2023 gross domestic product (GDP) expectation range at 6% to 7%.

The Philippines also continues to have the highest economic growth among ASEAN+6 economies amid the slowdown.

Aside from the 2023 budget, Diokno mentioned he is also looking forward to the adoption of the medium-term fiscal framework by both chambers of Congress.

“As a result, both the executive and legislative departments of government are on the same page, pursuing the same national aspirations, at least for the next three years,” Diokno said.

Source: Philstar