Economic managers of the Marcos administration project government revenues to reach P3.73 trillion in 2023 and P6.62 trillion in 2028. The projection released last Friday is higher than last year’s forecast that revenues for 2023 and 2028 would be P3.63 trillion and P6.59 trillion, respectively.
“This is reflected in our strong fiscal performance for the first four months of the year with actual revenues inching up to P1.26 trillion, higher by 11.2 percent due to improved tax administration,” Budget Secretary Amenah Pangandaman said in a briefing held after the 185th meeting of the inter-agency Development Budget Coordination Committee (DBCC).
“This is projected to reach P3.729 trillion by the end of the year and further rise to P6.622 trillion in 2028 through the implementation of revenue-generating measures over the medium term,” she added.
The economic team also revised the revenue assumption for 2024 (P4.20 trillion from P4.06 trillion; 2025 (P4.69 trillion from P4.58 trillion); 2026 (P5.26 trillion from P5.16 trillion); and 2027 (P5.90 trillion from P5.82 trillion).
Pangandaman, who chairs the DBCC, said disbursements will remain above 20% of the gross domestic product over the entire plan period, with priority given to infrastructure and socio-economic development.
While it was retained at over 20%, disbursement was adjusted to P5.23 trillion from P5.09 trillion for 2023; P5.56 trillion from P5.40 trillion for 2024; P5.89 trillion from P5.76 trillion for 2025; P6.37 trillion from P6. 25 trillion for 2026; P7.02 trillion from P6.92 trillion for 2027; and P7.77 trillion from P7.71 trillion for 2028.
Pangandaman said deficit is also targeted to gradually reach pre-pandemic levels of 3% of GDP in 2028 from this year ’s 6.1%. “The DBCC maintains its commitment to ensuring sound fiscal management guided by the Medium-Term Fiscal Framework,” she stressed.
Pangandaman’s economic team has pledged to sustain the Philippines’ “high” economic growth trajectory to realize the administration’s goal of bringing a comfortable life to all Filipinos. She vowed that they would continue to pursue initiatives that will have “lasting impacts.”
“The DBCC commits to continuing its proactive efforts to sustain the high growth trajectory of the Philippine economy towards realizing the AmBisyon Natin 2040 of Filipinos for a ‘matatag, maginhawa, at panatag na buhay (stable, comfortable and peaceful life),'” she said.
“With clear coordination with government institutions, we will strive to implement reforms and strategies that will have lasting impacts on the country’s fiscal resources, business climate, and ultimately, the lives of Filipinos,” she added.
Pangandaman also disclosed that the Marcos administration is now working on the proposed P5.77-trillion 2024 national budget, higher by 9.5% from this year’s P5.27 trillion nation budget. She said the 2024 proposed national budget will continue to prioritize expenditures that promote social and economic transformation through infrastructure development, food security, digital transformation and human capital development.
“Acknowledging the competing demands of government programs against a backdrop of limited resources, we shall ensure that the FY (fiscal year) 2024 National Expenditure Program will only include implementation-ready agency proposals,” she said. (With PNA)