THE Senate finance committee on Monday approved the P30.570 billion proposed budget of the Department of Finance for 2023.
The proposed budget for the next fiscal year is 14.34% or P3.833 billion higher than the P26.736 billion budget for 2022. Of the P3.833 billion, P2.362 billion will be allocated to the Bureau of Customs.
According to their presentation, 78.1% or P17.9 billion the DOF’s new appropriations will fund their operations for 2023.
Of the said amount, P9.590 billion will go to the Bureau of Internal Revenue’s Revenue Administration Program and P3.188 billion for Customs Revenue Enhancement Program.
Meanwhile, Finance Secretary Benjamin Diokno thanked the House of Representatives for the careful deliberation and swift approval of the proposed Fiscal Year (FY) 2023 budget of the Department of Finance (DOF).
“Many thanks to the Committee on Appropriations and our legislators for their careful deliberation of our budget. This will allow us to modernize our main revenue agencies and push for key economic reforms for robust and inclusive growth,” said Secretary Diokno.
The DOF proposed a total budget of P30.57 billion for FY 2023. This is 14.34 percent higher than the agency’s 2022 budget at P26.7 billion.
Diokno and other DOF officials attended the plenary deliberation for House Bill 4488 or the 2023 General Appropriations Bill on Wednesday, September 28, where the DOF budget was deliberated.
After the period of interpellation, legislators from the minority and majority jointly motioned to approve the DOF’s proposed budget, which includes the budget for its attached agencies and corporations.
