House formally receives proposed 2023 budget from DBM
Leaders of the House of Representatives led by Speaker Ferdinand Martin Romualdez formally receive the proposed 2023 national budget from Department of Budget and Management (DBM) Secretary Amenah Pangandaman. (Photo from Speaker Martin Romualdez’ office)
Updated 1:02PM
MANILA, Philippines — The House of Representatives formally the proposed P5.268 trillion budget of the national government — first under President Ferdinand Marcos Jr.’s administration — from the Department of Budget and Management.
During the ceremonial turnover, Budget Secretary Amenah Pangandaman handed over the proposed budget to House Speaker Ferdinand Martin Romualdez, cousin of the President.
Pangandaman’s handing over of the budget means the executive branch fulfilled its promise of transmitting to Congress the budget on August 22 — within the timeline set by the 1987 Constitution.
Recently, majority leaders in the House said that they are confident that the budget would be passed before Congress goes into a recess by October.
Article continues after this advertisementThe Marcos administration’s proposed budget for 2023 supports an ambitious policy agenda aimed at boosting growth and lifting millions out of poverty.
Article continues after this advertisementEqual to 22.2% of the country’s total economic output, it is nearly 5% higher than his predecessor’s spending plan for 2022.
Marcos is aiming to expand the country’s economy by as much as 8% during his six-year term, to keep its place among Asia’s fastest-growing nations, and halve the poverty rate, which stood at 18.1% in 2021.
Education, infrastructure, food security, healthcare and clean energy got top priority in the 2023 budget.
Congress is expected to approve the budget by October and Marcos is expected to sign it into law before year’s end.
The education sector will receive the highest allocation of 852.8 billion pesos or 16% of the total budget, followed by public works with 13%, healthcare with 5%, and social welfare with about 4%, Marcos said in a statement that accompanied the budget proposal.
The President also runs the agriculture portfolio, which will receive P184.1 billion, a 40% jump from its 2022 budget.
Marcos, who won a single six-year term in the May election, commands a supermajority in Congress, boosting chances of advancing his legislative agenda, including his 2023 expenditure program.
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