As the preparations for next year’s budget comes to an end, the Department of Budget and Management announced that it is looking at proposing a ₱4.024-trillion spending plan for 2022.
“That is about 22.2% of GDP (gross domestic product),” Secretary Wendel Avisado said Saturday, noting that the government is doing its best to see an economic recovery after the impact of the global health crisis.
The Philippine economy shrank by another 11.5% in the third quarter as the COVID-19 crisis continues to hold back consumer spending and business activity, government data show.
President Rodrigo Duterte is expected to sign by yearend the proposed ₱4.5-trillion budget for 2021, which contains funds for pandemic response and recovery.
The Senate and the House of Representatives have adjourned their bicameral conference committee deliberations on the spending bill. It may be ratified by both houses of Congress by December 9, and may be signed by the President by December 28.
