Proposed budget eyes stronger purchase power

The Department of Budget and Management on Friday stressed that the proposed P5.268 trillion national budget for 2023 “intends to strengthen the Filipinos’ purchasing power”, covering President Ferdinand Marcos Jr’s. socioeconomic agenda.

DBM Secretary Amenah Pangandaman disclosed that next year’s spending plan will serve as a “springboard for the economy’s full-speed recovery,” adding that it was crafted based on the Marcos administration’s eight-point socioeconomic agenda.

The Budget chief said that the 2023 budget plan would address the immediate and pressing concerns of Filipinos in the near- and medium-term.

Under the proposed 2023 budget, the local government units will receive funding for the full devolution, allowing them to directly implement programs and interventions within their respective jurisdictions.

Around P28.88 billion will be used for the Local Government Support Fund, the DBM said, adding that the proposed budget is P10.91 billion higher than the P17.97 billion appropriated in 2022.

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