PRESIDENT Ferdinand R. Marcos Jr. on Friday signed the P5.268-trillion 2023 national budget, thanking Congress for what he described as the fastest congressional deliberations ever for a national appropriations bill
Following the record-breaking speed in which the 2023 General Appropriations Act (GAA) was signed, President Marcos, Jr. said the government is now ready to roll out with its pandemic recovery initiatives next year.
In his speech after the signing of the 2023 GAA, Marcos lauded Congress for delivering to him the “quickest and fastest” passed national budget so far, which he considers as an early Christmas gift from lawmakers.
The GAA is usually signed in the last week of December, such as in the cases of the 2021 and the 2022 national budget. The 2020 GAA was passed into law in January 2020.
Marcos stressed the importance of the fast passage of the 2023 GAA, since it will serve as a government roadmap for the implementation of its programs.
He also noted that their proposed initiatives next year are backed by Congress.
“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,” Marcos said.
“That bodes well for us, seeing as we have many, many plans. There are many things that we need to do. There are many things that we would like to do. And we are slowly moving in that direction,” he added.
The President said he will be pushing for more legislative amendments for investment and financial policy to boost the country’s economic growth.
In a statement, the Department of Budget and Management (DBM) said the economic objectives outlined in the Medium-Term Fiscal Framework (MTFF) are as follows: 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; 9 percent or single-digit poverty rate by 2028; 3-percent National Government (NG) deficit-to-GDP ratio by 2028; less than 60 percent national government debt-to-GDP ratio by 2025; and the attainment of upper-middle-income status for Filipinos.
‘Most important tool’
Reacting to the signing, Speaker Martin G. Romualdez said the budget will help the administration implement its Agenda for Prosperity to sustain growth, generate economic activities and jobs, and increase the income for Filipinos.
“It is the most important and potent tool the President, his economic team and the entire government can use to accomplish the goals of the prosperity roadmap,” said Romualdez, first cousin of Marcos Jr..
He said the House of Representatives and the Senate deliberated on and approved the President’s first full-year budget proposal “in record time.”
“As far as I can remember, the 2023 budget is one of the few spending bills signed into law in mid-December, way before the start of its implementation on New Year’s Day,” he added.
Romualdez also thanked members of the House and the Senate and Executive officials for their cooperation in the early passage of the appropriations bill.
He said that with the early signing, the administration, principally the Department of Budget and Management (DBM), now has enough time to prepare for the release of funds appropriated in the 2023 budget law.
“The money needed to sustain our economic expansion momentum and keep the country on the high-growth path should be out on January 1. Agencies should be ready to keep up with their programs, activities and projects, while observing transparency and accountability,” Romualdez added.