📷Budget Secretary Amenah Pangandaman
The inter-agency Development Budget Coordination Committee (DBCC) has pegged at PHP6.352 trillion the proposed national budget for 2025, its chairperson announced on Thursday.
In a press briefing following the meeting, DBCC chairperson and Budget Secretary Amenah Pangandaman said the proposed spending plan for next year is equivalent to 22 percent of the gross domestic product (GDP), and 10.1 percent higher than this year’s budget of PHP5.768 trillion.
Pangandaman said the DBCC will submit to Congress the proposed 2025 national budget on July 29, one week after the third State of the Nation Address (SONA) of President Ferdinand R. Marcos Jr.
The proposed budget is anchored on the theme “Agenda for Prosperity: Fulfilling the Needs and Aspirations of the Filipino People”.
In line with the Philippine Development Plan (PDP) 2023-2028, the proposed budget for next year aims to develop and protect the capabilities of individuals and families, transform production sectors to generate more quality jobs and produce competitive products, and foster an enabling environment encompassing institutions, physical and natural environments.
During the same briefing, Pangandaman said the DBCC maintained its economic growth targets for this year through 2028.
Pangandaman said the Philippine economy is expected to “finish strong” at 6 to 7 percent in 2024, and expand further to 6.5 to 7.5 percent in 2025.
“Despite external headwinds, we are expected to continue surpassing most emerging economies,” she said.
She added the “robust growth momentum” is expected to continue over the medium term with a GDP projection of 6.5 to 8 percent from 2026 to 2028.
“We are committed to implementing growth-enhancing strategies to mitigate these risks such as sustaining government efforts to address inflation, promoting and adopting digitalization to improve efficiency in government spending, accelerating infrastructure development, expanding skills development for our workforce, and strengthening inter-industry supply chain linkages, among others,” Pangandaman said. (ANTONIO)
