The administration of President Ferdinand “Bongbong” Marcos Jr. is taking the right path to strong economic recovery, the head of the Department of Budget and Management said during a United States tour on Saturday.
“(There is) optimism about the Philippine economy. This is not without basis. Business, consumers, and the government all agreed that the Philippines is on track towards strong recovery,” Budget Secretary Amenah Pangandaman told the American business and financial communities in a roundtable discussion held in Washington DC.
Pangandaman said in the past few weeks, there was a “common” observation about the positive outlook on the Philippine economy.
Despite this, she acknowledged that there are “continued external challenges to recovery and economic transformation.”
The Budget chief said the government made sure that its proposed 2023 national expenditure program and structural reform initiatives would meet its economic prosperity agenda.
Invest in people
“We have prepared and designed our policies and programs to address these concerns,” Pangandaman said.
“We are working towards an economic transformation that will be felt by every individual, family, and business in the Philippines.”
The Budget Secretary said the P5.268-trillion national budget for 2023, which is 4.9 percent higher than the 2022 budget, will account for around 22.2 percent of the gross domestic product next year.
She believes that the Marcos administration made “aggressive” budget increases in its priority sectors, including social and human development, agriculture, and infrastructure.
“We are committed to investing in our people through major social and human development expenditures,” she said.
“Through these efforts and initiatives, we aspire to provide every Filipino a fighting chance to manage lives’ uncertainties and achieve their full potential,” she added.
Pangandaman said the Marcos administration crafted an eight-point socioeconomic agenda to achieve its goals under the Medium Term Fiscal Framework.