Latest news with #DBCC
GMA Network
27-06-2025
- Business
- GMA Network
Economic team sets 2026 national budget at P6.793 trillion
The Marcos administration's economic team, sitting as the Development Budget Coordination Committee (DBCC), has set the state expenditure's plan for next year at P6.793 trillion. The DBCC, chaired by Budget Secretary Amenah Pangandaman, approved the proposed fiscal year 2026 national budget ceiling, which was far slimmer than the total budget proposals received by the Department of Budget and Management (DBM). Pangandaman said the DBM received budget proposals totaling P10.101 trillion for next year. However, she said that given the limited fiscal space and the government's commitment to gradually reduce the fiscal deficit over the medium term, 'the DBM undertook a rigorous evaluation process.' 'With limited resources, we focused on prioritizing programs and projects that deliver measurable impact, aligned with our national goals, and are ready for implementation. We also carefully evaluated agencies' absorptive capacity to ensure effective utilization of funds,' the Budget chief said. The approved P6.793-trillion proposed budget for 2026 is 7.4% higher than the actual 2025 budget of P6.326 trillion. 'Anchored on the theme, Nurturing Future-Ready Generations to Achieve the Full Potential of the Nation, the FY 2026 National Budget prioritizes human capital development by prioritizing investments in quality education, healthcare, and workforce upskilling,' Pangandaman said. 'Complementing these are continued investments in the Build Better More Infrastructure Program and digital transformation, still aligned with the Philippine Development Plan (PDP) 2023–2028,' she added. The Budget chief said the proposed 2026 expenditure program further integrates key measures to enhance climate and disaster resilience, reinforce social protection systems, and deepen the devolution of basic services to local government units. Proposals under the 'Three-Year Rolling Infrastructure Program (TRIP) and the Program Convergence Budgeting (PCB)' framework were also given priority, according to Pangandaman. 'By nurturing future-ready generations through coordinated policy implementation and strategic investments, the government is committed to reducing poverty to single-digit levels, creating quality jobs, safeguarding macroeconomic stability, and ultimately achieving our Agenda for Prosperity in the Bagong Pilipinas—even amidst global uncertainties,' she said. Pangandaman earlier said the proposed 2026 National Expenditure Program (NEP), which will become next year's General Appropriations Act (GAA), is targeted to be submitted to Congress 'two weeks after SONA (State of the Nation Address).' President Ferdinand 'Bongbong' Marcos Jr.'s fourth SONA —his annual address to the nation to a joint session of House of Representatives and Senate— is on July 28, 2025. Under the Constitution, the proposed national budget for the following year must be submitted to Congress no later than 30 days after the SONA The Constitution also dictates that the state shall allocate the highest budgetary priority to the education sector. — RSJ, GMA Integrated News
GMA Network
26-06-2025
- Business
- GMA Network
PH economic officials slash 2025–2028 growth forecasts
Budget Sec. Amenah Pangandaman (center) speaks during a briefing in Mandaluyong City on Thursday, June 26, 2025. With her are (from left) Finance Asec. Karlo Fermin Adriano, DepDEV Sec. Arsenio Balisacan, Special Assistant to the President for Investment and Economic Affairs Sec. Frederick Go, and Bangko Sentral ng Pilipinas Deputy Governor Zeno Ronald Abenoja. Jon Viktor D. Cabuenas/ GMA Integrated News The Philippine economic team slashed its growth forecasts for this year and the next three years, citing heightened global uncertainties such as the escalation of tensions in the Middle East and the imposition of reciprocal tariffs by the United States. The inter-agency Development Budget Coordination Committee (DBCC) now targets economic growth to average between 5.5% to 6.5% this year, slower than the previous target range of 6.0% to 8.0%. The DBCC also lowered its target range from 2026 to 2028 to 6.0% to 7.0% from the previous range of 6.0% to 7.0%. 'The revisions take into account heightened global uncertainties, such as the unforeseen escalation of tensions in the Middle East and the imposition of U.S. tariffs,' the DBCC said in a joint statement read by chairman and Budget Secretary Amenah Pangandaman in a briefing in Mandaluyong City. 'Despite these headwinds, the DBCC remains vigilant and ready to deploy timely and targeted measures to mitigate their potential impact on the Philippine economy. Moreover, international reserves remain ample providing adequate buffer to help absorb these external shocks,' she added. Tensions between Israel and Iran have escalated in the past week, but the two parties have sent signals that the conflict was over at least for now, as they have agreed to a ceasefire under pressure from US President Donald Trump. The DBCC now expects goods exports to contract 2.0% this year, and goods imports to expand by 3.5%. The United States earlier planned to slap a 17% reciprocal tariff on Philippine goods as part of the 'Liberation Day' policy, which compares with the 34% rate that Manila charges against American goods. This was set to take effect on April 9, but Trump announced a 90-day pause on most countries except China, while countries such as the Philippines could still face a baseline 10% tariff. Sought for the latest updates regarding the trade negotiations with the US, Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go said July 9 remains to be the target for negotiations to be finalized. 'We have not heard otherwise. Of course the markets are swirling with different kinds of news from different countries, but for now we continue to negotiate with the U.S. We have submitted some of our suggested negotiation points and the U.S. has also responded, so it's a back and forth,' he said in the same briefing. The DBCC on Thursday also announced new macroeconomic assumptions for the year — inflation to average 2.0% to 3.0%, Dubai crude at $60 to $70 per barrel, the foreign exchange rate at P56:$1 to P57:$1. 'The DBCC remains resolute in advancing a growth-enhancing fiscal consolidation agenda that promotes a resilient, inclusive, and sustainable economy,' it said. — BM, GMA Integrated News
GMA Network
23-05-2025
- Business
- GMA Network
Marcos economic team intact as secretaries, special adviser retained
President Ferdinand Marcos Jr. has retained the composition of his administration's economic team following his call for his Cabinet members to file courtesy resignations. At a news conference on Friday, Executive Secretary Lucas Bersamin said the President chose "after careful evaluation" to retain Trade Secretary Ma. Cristina A. Roque, Finance Secretary Ralph G. Recto, Economic Planning and Development Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederick Go. 'Itong lima na ito ay magpapatuloy sa kanilang panunungkulan, paninilbihan sa taumbayan at makakaasa kayo na sila naman ay sinsero o dedicated sa kanilang sinumpaang katungkulan,' Bersamin said. (These five will continue to serve the people and you can be assured that they are sincere or dedicated to their sworn duties.) Following Marcos's call for his Cabinet secretaries to submit their courtesy resignations after his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government,' members of the economic team have immediately complied. In a statement, Pangandaman, who chairs the Cabinet-level macroeconomic and fiscal-targeting Development Budget Coordination Committee (DBCC), said she was 'tremendously grateful to President Ferdinand R. Marcos Jr. for the steadfast trust, support, and confidence he has bestowed not only upon me but upon the entire economic team.' 'This has only reaffirmed my own commitment to public service and reignited my determination to work even harder for our nation and our people," Pangandaman said. "And certainly the entire economic team is one in reinforcing our shared vision for an even more prosperous economy. I would also thank the many business groups, public service institutions, CSOs, and individuals who sent me messages of support,' she added. 'We have always been one with the President in working towards our Agenda for Prosperity while pursuing an open government that is transparent and accountable," Pangandaman said. With the boost of confidence from the President and as the economic managers review the Medium Term Fiscal Program and as the Department of Budget and Management enters budget deliberations, Pangandaman said she was renewing her commitment to "an economic transformation that is inclusive and sustainable, fulfilling the needs and aspirations of the Filipino people, including the next generations." Marcos' chief economic manager, Recto, also thanked the President. 'I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department," Recto said. Recto said the DOF would not stop in ensuring that every Filipino family would feel the effects of progress. Balisacan also thanked Marcos "for his continued trust and confidence and assure him of the Department of Economy, Planning, and Development's continued efforts, together with members of the Economic Team, to steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation's progress." Go and Roque have yet to issue their statement about their retention in the Marcos administration's Cabinet. The Marcos administration's economic team is lookig to bring down the poverty rate to 9% by 2028. It also aims to reduce the country's debt-to-gross domestic product (GDP) ratio to below 60% by 2028. It also hopes to achieve an economic growth rate of 6% to 8% between 2025 and 2028. –NB, GMA Integrated News
GMA Network
23-05-2025
- Business
- GMA Network
Econ team engages with civil groups to refine macroeconomic, DBCC process
The Marcos administration's economic team has engaged, for the first time, members of civil society organizations (CSOs) in a dialogue to refine the Development Budget Coordination Committee (DBCC) process. In a news release on Friday, the Department of Finance (DOF) said the DBCC —chaired by the Department of Budget and Management (DBM) and composed of the DOF, the Department of Economy, Planning and Development (DEPDev), and the Office of the President (OP), with the Bangko Sentral ng Pilipinas (BSP)— held a dialogue with 15 CSOs last May 21, 2025 to 'strengthen participatory governance and provide a platform for meaningful engagement between civil society and key policymakers.' The 'Macroeconomic Insights for National Action: An Economic Dialogue with Civil Society' —organized by the DBM in collaboration with its Budget Policy and Strategy (BPS) Group and the Philippine Open Government Partnership (PH-OGP)— was in line with President Ferdinand Marcos Jr.'s directive to make the DBCC process more transparent, inclusive, and reflective of the concerns of various stakeholders. The DBCC is primarily responsible for reviewing and approving the government's macroeconomic targets, revenue projections, borrowing levels, overall budget ceiling, and expenditure priorities. The body recommends to the Cabinet and the President the consolidated public sector financial position and the national fiscal program. The dialogue, during which CSOs share their feedback and policy recommendations, and explore diverse perspectives on emerging economic challenges, was paneled by Budget Secretary and DBCC chair Amenah Pangandaman together with DOF Undersecretary and chief economist Domini Velasquez, BSP Deputy Governor Zeno Abenoja, DBM principal economist and Undersecretary Joselito Basilio, and DBM Assistant Secretary Romeo Matthew Balanquit served as panelists during the event. The DOF said DBM Undersecretary Basilio opened the session with an overview of the DBCC's structure and processes. Budget chief Pangandaman, for her part, gave a keynote that underscored the significance of CSO engagement in the budget cycle and emphasized the administration's push for budget reforms that prioritize openness and accountability. DOF's Velasquez, meanwhile, highlighted the DOF's critical role in securing the financial backbone of the government, noting the challenge of raising P12.72 billion in daily revenues this year to fund the P6.352 trillion national budget—of which only P4.64 trillion is supported by revenue collections. Velasquez also said that the DOF is implementing a three-pronged strategy to boost revenue generation, namely strengthening tax administration, enacting key revenue reforms, and maximizing non-tax revenues through public-private partnerships (PPPs) and strategic privatization initiatives. The Finance official likewise reassured CSOs that the government is on track to bring the fiscal deficit down gradually to just 3.7% by 2028. On the BSP's side, Abenoja presented the latest macroeconomic assumptions and monetary policy developments amid the shifting global landscape. During the open forum, CSO participants raised timely and relevant points on tax policy, transparency in budgeting, digital transformation, and freedom of information, according to the DOF. The Finance Department said the CSOs' insights and recommendations will be thoroughly considered by the DBCC in crafting macroeconomic and fiscal strategies that genuinely reflect the needs and aspirations of the Filipino people. —AOL, GMA Integrated News
