June 27, 2024 - In a press briefing following the 188th meeting of the Development Budget Coordination Committee (DBCC), Department of Budget and Management (DBM) Secretary and DBCC Chairperson Amenah F. Pangandaman unveiled the proposed national budget for fiscal year 2025. The budget, amounting to Php 6.352 trillion, represents a significant increase of 10.1% compared to the FY 2024 budget of Php 5.768 trillion.
Agenda for Prosperity
The proposed FY 2025 National Budget is anchored on the theme “Agenda for Prosperity: Fulfilling the Needs and Aspirations of the Filipino People.” It builds upon the achievements of the first two years of President Ferdinand R. Marcos Jr.'s administration and aims to drive economic and social transformation. The government envisions a prosperous, inclusive, and resilient society through strategic allocation of resources.
Strategic Focus Areas
Aligned with the Philippine Development Plan (PDP) 2023-2028, the budget prioritizes the following areas:
- Human Capital Development: The budget aims to develop and protect the capabilities of individuals and families, ensuring access to quality education, healthcare, and social services.
- Economic Transformation: By transforming production sectors, the government seeks to generate more quality jobs and enhance the competitiveness of Philippine products in the global market.
- Enabling Environment: The budget fosters an enabling environment by investing in institutions, physical infrastructure, and the natural environment. This includes critical projects under the Three-Year Rolling Infrastructure Program (TRIP) and the Information Systems Strategic Plan (ISSP).
Evaluation Criteria and Attendees
DBM evaluated agency budget proposals for FY 2025 based on factors such as fiscal space, program readiness, and alignment with expenditure directions. The 188th DBCC Meeting, where the budget was discussed, was attended by key officials, including National Economic and Development Authority Secretary Arsenio M. Balisacan, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go, Bangko Sentral ng Pilipinas Deputy Governor Francisco G. Dakila Jr., and Department of Finance Undersecretary Domini SD Velasquez.
The proposed budget reflects the government’s commitment to sustainable growth and development, aiming to fulfill the needs and aspirations of the Filipino people.
Disclaimer: The information provided in this article is based on official announcements and press briefings. For further details, readers are encouraged to refer to official government documents and statements.