The national budget of P5.268 trillion for 2023 was approved by President Ferdinand “Bongbong” Marcos Jr. on Friday.
A few members of Congress, including House Speaker Martin Romualdez and Senate President Juan Miguel Zubiri, Vice President Sara Duterte, and Marcos, witnessed the signing of the 2023 General Appropriations Act in Malacanang.
The President stressed the significance of the national budget’s adoption, saying that it “defines and provides muscle” to the plan for the upcoming year.
“I cannot overstate the significance of the fact that as Speaker Martin continually reminds me this is the quickest and fastest passage of the national budget that we have seen so far. And why is that important, it is important because the budget is essentially the roadmap and essentially defines and gives muscle to the road map of what we intend to do for next year,” he said.
He asserted that the budget’s quick passage is significant because the legislature totally backed it.
President Marcos signs P5.268-trillion 2023 national budget
“The legislature has been very cooperative in making amendments that we find necessary to the laws in terms of investment, our financial policy, all of these elements that are important for us to position in the new economy after the pandemic,” Marcos said.
“We know that we are all together and that we will be moving on the way to the transformation of our economy and we will be moving in the same direction, following same plan, following with the same understanding that this is the best path to progress, this is the best path to prosperity,” he added.
The bicameral budget bill, which supports the administration’s objectives for economic recovery, was approved by both chambers of Congress on December 5.
Amenah Pangandaman, the budget secretary, had stated that the president is anticipated to veto two to three items in the federal budget.
The head of the budget office expressed her gratitude for the passage of changes that align with the administration’s medium-term fiscal framework (MTFF) and 8-Point Socioeconomic Agenda for the years 2022–2028.
Contrarily, the MTFF’s 8-Point Socioeconomic Agenda focuses on the following areas: improved transportation, cheap, clean energy, health care, social services, and education, as well as increased bureaucratic effectiveness and prudent financial management.
Visit our Facebook page for more news updates.