PRESIDENT Ferdinand Marcos Jr is ready to submit to Congress the proposed P5.268 trillion budget for 2023 on August 22.
Budget Secretary Amenah Pangandaman said they will be enacting several reforms to ensure the budget is spent efficiently and effectively.
Finance Secretary Benjamin Diokno says revenues will hit pre-pandemic levels this 2022 in support of spending.
Pangandaman said the budget is geared toward economic transformation for inclusivity and sustainability. She added that it is aimed at creating more quality and green jobs, reducing poverty incidence, promoting digitalization, and achieving an inclusive and resilient economy.
Finance Secretary Benjamin Diokno meanwhile said revenues are picking up, thanks to the reopening of the economy, and this will help them fund the spending plan.
“Our revenues are on the rise, reflecting improvements in the labor market driven by robust economic activity. For the first half of 2022, total revenue collection reached P1.7 trillion, 16 percent higher than the same period in 2021. This year, we expect revenue collection to already exceed its pre-pandemic level,” Diokno said.
Finance Undersecretary Zeno Abenoja says any budget shortfall will be funded through borrowings, but these will be from domestic sources, to limit any foreign exchange risk.
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