Marcos admin to ask congress for a P5.268 trillion full-year budget for 2023

The incoming administration of Ferdinand "Bongbong" Marcos Jr. may request the congress a P5.268 trillion full-year national budget for the year 2023. This is higher than the P5.024 trillion government funds this 2022 which was requested by the outgoing President Rodrigo Duterte. 

The Department of Budget and Management (DBM) officer-in-charge Tina Rose Marie Canda proposed the aforementioned national budget on Tuesday (May 24) in a virtual press briefing. This is after the 181st meeting of the inter-agency Development Budget Coordination Committee (DBSS) which is comprised of economic managers in the country.

The proposed budget for next year is equivalent to the 22.1% gross domestic product of the country, according to Canda who read the joint statement of DBCC.

The said fund exceeds the P5.242 trillion "budget ceiling" set by economic managers in December 2021.

The DBCC is comprised of the secretaries of Socioeconomic Planning, Finance (DOF), Budget and Management (DBM), and the governor of the Bangko Sentral ng Pilipinas (BSP).

Canda explained that the economic team set the P5.268 trillion national budget cap for 2023 because they are expecting a higher revenue collection next year.

“As economic activity is expected to continuously pick up over the medium-term, revenue projections were revised upward to P3.633 trillion (15.3% of GDP) for 2023…,” said the DBM secretary.

Source: GMA News

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