To ensure the efficient use of limited resources and to provide additional fiscal space for new public programs and projects, the Department of Budget and Management (DBM) encourages government agencies to revisit and reevaluate their budget proposals for their ongoing programs. The National Budget Memorandum (NBM) No. 144, which provides the Budget Priorities Framework for the preparation of the FY 2023 National Budget, directs government agencies to ensure that the revisited Tier 1 (existing programs) and proposed Tier 2 (new programs) budget proposals are (1) responsive to the expenditure directions and/or key sector strategies for 2023; (2) implementation-ready; (3) reflective of the agency’s absorptive capacity; and (4) aligned with the plans and priorities of the incoming administration. Moreover, Tier 2 budget proposals for new programs must put primacy on health-related expenditures, disaster-risk management, social security, digital economy/government, local government support, and growth-inducing expenditures which include crucial and shovel-ready infrastructure projects, among others. These priorities shall help accelerate and sustain economic recovery from the global...
The Department of Budget and Management (DBM) welcomes the appointment of Bangko Sentral ng Pilipinas (BSP) Assistant Governor Amenah F. Pangandaman as its incoming Secretary. The entire DBM is ready to work with incoming Secretary Pangandaman – who also served the Department as Undersecretary and Functional Group Head of the Office of the Secretary under then DBM-Chief Benjamin E. Diokno – to ensure the smooth and orderly turnover of leadership. During her stint at the DBM, she served as the prime mover in the preparation, implementation, and monitoring of the General Appropriations Act and oversaw the implementation of the Green, Green, Green Initiative – a budget assistance program for local government units to develop sustainable open spaces, among her other accomplishments. The Department is confident that under the capable stewardship of the incoming Budget Chief, reforms will be introduced and sustained to get the country safely and surely through this crucial transition period of post-pandemic recovery, growth, and sustainability. END For requests for interviews, please contact the Office of Undersecretary Rolando U. Toledo at mediaThis email address is being protected...
Review of the Medium-Term Macroeconomic Assumptions and Fiscal Program for FY 2022 to 2025 May 24, 2022 The Development Budget Coordination Committee (DBCC) reviewed the government’s medium-term macroeconomic assumptions, fiscal program, and growth targets for FY 2022 to 2025 to take into account recent domestic trends and external developments. These adjustments are also in line with the preparation of the FY 2023 National Expenditure Program (NEP). Real Growth Projections The Philippine Statistics Authority (PSA) reported this month that the Philippine economy grew by 8.3 percent in the first quarter of 2022, surpassing the pre-pandemic gross domestic product level. This exceeded the median analyst forecast of 6.7 percent, making the Philippines one of the fastest-growing economies. Growth was broad-based and was driven by industry and services at 10.4 percent and 8.6 percent, respectively. Meanwhile, agriculture slightly improved by 0.2 percent as the sector was held back by the persistence of African swine fever and elevated prices of basic agricultural commodities, among others. The Philippine economy’s strong recovery in the first quarter of 2022 has moved us closer to our goal...
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