The House Committee on Appropriations began Friday, Aug. 26, the deliberations for the proposed P5.268 trillion national budget for 2023, the highest-ever National Expenditure Program (NEP).
Cabinet members of the Marcos administration from the Development Budget Coordination Committee presented the country’s economic situation.
House Speaker Martin Romualdez, in his speech, said the proposed budget is a “conservative budget where fiscal discipline is harmonized with growth and recovery from the impact of the lingering COVID-19 pandemic.”
“We will make sure that each bit of spending will contribute to our goal of reigniting the fires of our economic forges, and at least propel the country to reach economic growth at pre-pandemic levels,” he said.
“Every centavo of this national budget will be spent wisely to implement projects and programs put in primordial consideration into saving lives, building and protecting communities, and making our economy strong and more agile,” he added.
Romualdez expressed confidence that they will be able to pass the budget “expeditiously without sacrificing the independence” of the Lower House, while assuring that its passage will be “open and transparent.”
“In a manner of speaking, this will be the ‘Unity National Budget’ because we get a wide-ranging and all-encompassing consensus on our spending plan,” he said.
In his presentation, Finance Secretary Benjamin Diokno said the investor confidence in the Philippines increased, along with foreign direct investment at $10.5 billion last year.
Employment also improved amid the further opening up of the economy.
He also said that they will rely on domestic sources for the budget as they see a declining need to borrow funds.
“Allow me to assure Congress that the economic team’s proposed 2023 budget will bolster our country for a stronger economy and accelerated growth. With capable leaders at the helm, we face the next six years with full confidence in our bold socioeconomic agenda,” he said.
The Lower House targets to approve the budget before Sept. 30 and to finish committee hearings by Sept. 16.
The NEP was transmitted to the Lower House this Monday, Aug. 22. – With reports from Daniel Manalastas-ag
