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Marcos signs P5.268-trillion national budget for 2023

By RICHA NORIEGA,GMA Integrated News

President Ferdinand “Bongbong” Marcos Jr. on Friday signed into law the P5.268 trillion national budget for 2023.

Marcos signed the 2023 General Appropriations Act before Vice President Sara Duterte, and some members of Congress including Senate President Juan Miguel Zubiri and House Speaker Martin Romualdez at the Malacañang.

The President cited the importance of the passage of the national budget which “defines and gives muscle” to the roadmap intended for next year.

“I cannot overstate the significance of the fact that as Speaker Martin continually reminds me this is the quickest and fastest passage of the national budget that we have seen so far. And why is that important, it is important because the budget is essentially the roadmap and essentially defines and gives muscle to the road map of what we intend to do for next year,” he said.

He said the swift passage of the budget is significant because it was “fully supported” by the legislature.

“The legislature has been very cooperative in making amendments that we find necessary to the laws in terms of investment, our financial policy, all of these elements that are important for us to position in the new economy after the pandemic,” Marcos said.

“We know that we are all together and that we will be moving on the way to the transformation of our economy and we will be moving in the same direction, following same plan, following with the same understanding that this is the best path to progress, this is the best path to prosperity,” he added.

He also thanked both chambers of Congress, saying that it was done “in record time.”

“I thank you all once again and what we achieve here in terms of the fact that we have been able to put into place the budgeting requirements for all that it is that we planned to do and we did it in record time that is significant achievement and for that I can only thank you all,” Marcos said.

“I know that it did not come easily and it never does. I know that you have worked very hard at it and I am just very happy to see that your hard work has born such sweet fruit, thank you very much and Merry Christmas to everyone,” he added.

Both chambers of Congress ratified the bicameral version of the budget bill, which aims to fuel the administration's goals for economic recovery, on December 5.

Budget Secretary Amenah Pangandaman earlier said the President is expected to veto two to three items in the national budget.

Meanwhile, the Budget chief said she is grateful that both chambers of Congress have adopted amendments in sync with the administration’s 2022-2028 medium-term fiscal framework (MTFF) and 8-Point Socioeconomic Agenda.

With the adoption, both chambers of Congress committed that the legislative agenda shall be guided by the following targets set in the MTFF:

  •     6.5% to 7.5% real GDP growth in 2022; 6.5 to 8% real GDP growth annually between 2023 to 2028
  •     9% (i.e., single digit) poverty rate by 2028
  •     3% national government deficit to GDP ratio by 2028
  •     less than 60% national government debt-to-GDP ratio by 2025
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  •     at least $4,256 income per capita attainment of upper middle-income status

The 8-Point Socioeconomic Agenda, on the other hand, under the MTFF comprises the following focus areas: food security, improved transportation, affordable and clean energy, health care, social services, education, bureaucratic efficiency, and sound fiscal management.

“When we submitted the NEP (National Expenditure Program) to the Congress, isa lang po ang pakiusap namin na hopefully, if they introduce amendments, it is in sync with the MTFF and the 8-Point Socioeconomic Agenda. We are grateful that both houses have adopted,” Pangandaman said in a separate statement.

The national budget includes the restored P150-million confidential and intelligence fund for the Department of Education (DepEd) headed by Vice President Sara Duterte and also allocated P500 million worth of confidential and intelligence funds under the Office of the Vice President.

The bicameral conference committee of Congress also increased the budget of the House of Representatives by P12 billion.

Senate finance panel chairperson Sonny Angara said the bicam-approved 2023 budget realigned funding to increase allocations for state universities and colleges, DepEd, infrastructure projects including bike lanes and specialty hospitals across the country, Libreng Sakay program, fuel subsidy, emergency employment, Assistance to Individuals in Crisis, Quick Response Fund, Department of Justice, Department of Interior and Local Government, and the Supreme Court.

He said the Congress also restored the P10 billion budget for the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC) which was reduced to P5 billion in the House version of the proposed budget.

Ako Bicol party-list Representative Zaldy Co, chairman of the House Committee on Appropriations, thanked his fellow lawmakers for the diligence, hard work, and long hours that they put in into the drafting, deliberations, and consequent swift passage of the law"."

"This GAA for 2023 will help the Philippines recover from the continuing effects of the pandemic and move forward to prosperity," Co said in a statement.

"This GAA provides for items that would sustain the growth we are enjoying, continue generating investments and jobs for our constituents, and increase incomes of Filipino families,” he added.

In a statement, Angara said the signing of the 2023 national budget would ensure continuous delivery of service, including the "targeted ayuda," Pantawid Pamilyang Pilipino Program (4Ps), medical assistance to low-income Filipinos, scholarships to students, assistance to public utility vehicle drivers and operators, subsidies for the farmers and fisherfolk, and increase of the pension for the indigent senior citizens.

He said the budget will also cover the benefits and allowance for the health workers in the country.

The budget also provided P170 billion for the agriculture sector, in line with the President's priority, Angara said.

"In deliberating on the 2023 GAA, Congress was well aware of the need for the government to make productive investments in human and physical capital in order to empower the people, generate revenues, and address the most pressing needs of our kababayans," the senator said.

"As stated by President Ferdinand Marcos Jr., this budget is anchored on an agenda for prosperity. We are no longer at a point where we are catching up and reacting to the developments just like the past two years. Now we can lay the foundation for the country to build on towards sustaining economic growth and providing more opportunities for our people," he added.

Romualdez, for his part, said the passage of the national budget will help the administration in its agenda to “sustain growth, generate economic activities and jobs, and increase the income for Filipinos.”

He also reminded government agencies to prepare to keep up with their programs while observing transparency and accountability.

“The money needed to sustain our economic expansion, momentum, and keep the country on the high-growth path should be out on January 1. Agencies should be ready to keep up with their programs, activities, and projects while observing transparency and accountability,” he added.With report from Hana Bordey/AOL/NB, GMA Integrated News