DBM will submit a budget of 5.27 tenge on time

The Department of Budget and Management (DBM) is preparing to present the 2023 national budget proposal of 5.268 trillion pesos to Congress on August 22.

Budget Minister Amena F. Pangandaman said the timing for next year’s proposed national budget was among the issues discussed Thursday morning in a meeting between the Marcos administration’s economic team and some members of the lower house, led by Speaker Leyte. Ferdinand Martin G. Romualdez.

“It was just a breakfast meeting. We discussed the budget deadlines and agreed that I, on my part, would submit the NEP. [National Expenditure Program] August 22, 2023,” Pangandaman told BusinessMirror.

“DBM will send the request in time. In fact, we are now in the process of printing budget documents,” she added.

The proposed national budget for next year was 4.9% higher than this year at 5.024 trillion pesos, but it was the lowest increase in a decade, Pangandaman said earlier. The administration’s top budget priorities for next year include education, health care, social safety nets, infrastructure and agriculture.

In addition to the budget, Pangandaman said the meeting also discussed the legislative agenda, adding that the National Economic and Development Authority will convene a Legislative Executive Development Advisory Council (Ledac) “in the near future”.

Ledac serves as an advisory and advisory body to the President as head of the national economic and planning agency for further advice and recommendations on specific programs and policies necessary to realize the goals of the national economy. It also serves as a venue for high-level political discussions on vital issues and issues affecting national development.

Several lawmakers have recently pushed the executive branch to convene Ledac as soon as possible, arguing that the relative inactivity of the advisory body under the last administration partly explains the less than ideal relationship between the executive branch and Congress, which in turn led to the veto of several passed bills. at the 18th congress.

In his first State of the Union Address, President Ferdinand R. Marcos, Jr. urged the 19th Congress to take 19 priority actions to help his administration over the next six years.

The president’s priority bills include the following: A program to resize the national government; bill on budget modernization; valuation reform bill; Law on Taxation of Passive Income and Financial Intermediaries; Internet Transactions Law or Electronic Commerce Law; Joint initiatives of state financial institutions for troubled enterprises to restore the economy; adoption of a permissive law for the gas industry; amendments to the Electricity Reform Act or EPIRA; and, among others, amendments to the Build-Operate-Transfer Act (BOT).