2022 budget to sustain Philippines' COVID-19 response —DBM

The Philippine budget for 2022 will focus on sustaining the government’s response against the COVID-19 pandemic through the procurement of the necessary materials needed moving forward, the Department of Budget and Management (DBM) said Tuesday.

In an emailed statement, the DBM said the proposed P5.024-trillion budget for next year is themed “Sustaining the Legacy of Real Change for Future Generations.”

This is equivalent to 22.8% of the gross domestic product (GDP), and 11.5% higher than the 2021 national budget.

The proposed 2022 budget includes the procurement of COVID-19 testing kits, sustained hiring of human resources for health, establishment of the Virology Institute of the Philippines and continuous implementation of health programs.

Other priorities in the fiscal plan are budgetary support for the provision of Universal Access to Quality Tertiary Education, continuous conduct of the National ID System, and provision of assistance to local government units.

It also includes investments in the administration’s ambitious infrastructure program “Build, Build, Build.”

Finance Secretary Carlos Dominguez III last month said the Philippines has enough funds for its COVID-19 war chest even after the term of President Rodrigo Duterte ends next year.

Fitch Ratings last month downgraded its credit rating outlook on the Philippines to “negative” due to the increasing risks to the credit profile from the impact of the COVID-19 pandemic.—LDF, GMA News