May 19, 2024

The Insider News

Direct from the source

PBBM signs P5.2 trillion 2023 national budget

President Ferdinand R. Marcos Jr. on Friday signed the P5.2 trillion 2023 General Appropriations Act (GAA), which will fund the administration’s recovery plan next year as the country emerges from the effects of the coronavirus pandemic.

Among the priority sectors under the administration’s first national budget are education, public works, health, social welfare, agriculture as well as transportation.

In his speech during the ceremonial signing of the GAA in Malacanang, President Marcos said its passage is essential because it will serve as a roadmap of what the government intends to do next year.

“And to see the rapidity of the passage is significant because it means that this budget, the roadmap that we have proposed from the Executive, is fully supported by our legislature. And that is very, very important indeed,” Marcos said.

“Because it is what is essentially or sometimes regarded as a long, difficult, long-drawn-out process… shown to still be able to express that kind of support, that kind of solidarity with the Executive,” the President said.

The government, Marcos said, has listed its plans for next year and it is now slowly moving toward realizing its goals such as carrying out all the needed structural changes.

The signing into law of the General Appropriations Act is important because it will provide the government with a tool to transform the economy, the chief executive noted.

“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.

The President expressed his gratitude to the members of the legislature and all those who worked hard for the passage of the 2023 national budget.

According to President Marcos, the legislature has been very cooperative in making amendments that were necessary in terms of investment as well as financial policy.

“All of these elements that are important for us to position ourselves in the new — I nearly said new society — in the new economy after the pandemic,” Marcos said.

The President also thanked the Department of Budget and Management (DBM) for its efforts in passing the government spending program for next year.