DOF: Gov't programs to be implemented on time in 2023

Government programs will be implemented on time next year, the Department of Finance (DOF) said Friday.

DOF Secretary Benjamin Diokno said this is due to the early enactment of the proposed P5.268 trillion budget for 2023 into law.

“This [early budget enactment] means that the programs and projects of the national government will start to run from day one of the new year. This is especially relevant for public construction which is about one-fifth of the P5.2 trillion national budget,” he said in a statement.

Diokno said this is especially critical for the Department of Public Works and Highways (DPWH) and Department of Transportation (DOTr) since construction is best done during 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,” he pointed out.

Aside from setting government programs in motion, Diokno said the early passage of the budget law will also enable the country to stir economic growth.

This is despite the inter-agency Development Budget Coordination Committee (DBCC) already trimming the target economic growth to 6% to 7% in 2023 from 6.5% to 8% due to expected global slowdown.

Diokno, however, assured the public that the expected 6.5% GDP growth by the end of 2022 is still a significant gain given the lingering pandemic.

“An average GDP growth of 6.5% is nothing to be sneezed at: it is still one of the highest, if not the highest, growth rates among Southeast Asian economies,” Diokno said.

Diokno said that Congress’ support for the administration’s Medium Term Fiscal Framework for fiscal year 2023-2028, which President Ferdinand Marcos Jr. unveiled in his State of the Nation Address (SONA), will serve as the government’s guide in pursuing economic and social transformation.

“The Executive and Legislative departments are on the same page, pursuing the same national aspirations, at least for the next three years,” he said.

“As long as the country stays united and its political leaders and policy makers remain focused on economic growth, the Philippines’ future remains bright,” he added.

Marcos signed the 2023 national budget law last December 16.—Llanesca Panti/AOL, GMA Integrated News