President Ferdinand R. Marcos Jr. has signed into law the 2023 General Appropriations Act (GAA), the first full-year budget under his administration. The passage of the budget bill is historically the fastest and earliest date that a national budget has been signed.
The PhP5.268 trillion National Budget for Fiscal Year (FY) 2023 is the government’s comprehensive financial roadmap for sound public financial management focused on the right priorities while being guided by fiscal responsibility and accountability.
The 2023 GAA is 4.9% higher than the FY 2022 level.
"As Speaker Martin Romualdez continually reminds me, this is the fastest and the quickest passage of the national budget that we have seen so far," President Marcos stressed in his message during the signing ceremony.
From its inception as the 2023 National Expenditure Program (NEP), until the submission of the enrolled General Appropriations Bill (GAB), the national budget for the incoming year, as approved by Congress, reflects the Marcos Administration’s “Agenda for Prosperity.”
“The rapidity of the passage is significant because it means that this budget - the roadmap that we have proposed to the Executive - is fully supported by our Legislature,” the President said.
“It is always very important that the GAA has been put together in consonance with all of the plans of the Executive. And that kind of coordination, and that kind of synergy that we will gain from that is going to be an essential part of the way that we move forward,” President Marcos Jr. noted.
The economic objectives outlined in the Medium-Term Fiscal Framework (MTFF) are as follows: (1) 6.5 to 7.5 percent real gross domestic product (GDP) growth in 2022 and 6.5 to 8.0 percent real GDP growth annually between 2023 and 2028; (2) 9 percent or single digit poverty rate by 2028; 3 percent National Government (NG) deficit-to-GDP ratio by 2028; (3) less than 60 percent NG debt-to-GDP ratio by 2025; and (4) the attainment of upper-middle-income status for our countrymen.
Meanwhile, the 8-Point Socioeconomic Agenda under the MTFF comprises the following focus areas: (1) food security, (2) improved transportation, (3) affordable and clean energy, (4) health care, (5) social services, (6) education, (7) bureaucratic efficiency, and (8) sound fiscal management.
For her part, Budget Secretary Amenah F. Pangandaman shared, “When we submitted the NEP 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.”
To recall, on 05 December 2022, the bicameral committee of both chambers of Congress approved the 2023 budget bill.
"Thus, we thank the leadership of both Houses: Senate President Juan Miguel Zubiri and House Speaker Martin Romualdez. And of course, Finance Committee Chair Senator Angara, who has defended the proposed budget during the rigorous deliberations. This is the fruit of all the intense work, sacrifice, and strong partnership from all the branches of government. This is truly a timely gift for the Filipino people,” the Budget Secretary expressed.
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