The Development Budget Coordination Committee (DBCC) on Tuesday said the proposed 2023 budget could reach P5.242 trillion based on revised growth projections for this year.
“Consistent with the macroeconomic assumptions and foregoing fiscal targets, the proposed FY (fiscal year) 2023 cash-based budget is pegged at P5.242 trillion,” the DBCC said in a statement.
The DBCC, which is composed of the secretaries of Budget and Management, Finance, and Socioeconomic Planning, as well as the Office of the President, revised its growth assumptions for 2021 from the 4% to 5% range to 5% to 5.5%.
“As we continuously relax restrictions and increase mobility, economic performance is expected to accelerate further in the last quarter of the year,” it said.
“The proposed FY 2023 national budget will continue to provide the necessary funding requirements to support the country’s resilience against the COVID-19 pandemic and to sustain economic growth,” the DBCC said.
The Duterte administration, whose term ends on June 30 next year, proposed a P5.024-trillion national budget for 2022. It is now being deliberated upon by the congressional bicameral conference committee.
The proposed 2023 budget will be prepared and submitted to Congress for approval by the next administration. — VBL, GMA News