DBM: Marcos administration’s fiscal approach ‘roadmap for prosperity’

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MANILA – The Department of Budget and Management (DBM) on Tuesday stated that the Medium Term Fiscal Framework (MTFF) of the Marcos administration will serve as a roadmap for the country’s prosperity.

This comes as Budget Secretary Amenah Pangandaman commended the Senate and House for supporting the 2022-2028 MTFF of the administration.

“The MTFF is the roadmap for our Agenda for Prosperity,” Pangandaman said in a press statement, noting that it is the first time that a Congress, through a resolution passed by Congress, adopted a comprehensive fiscal strategy for the entire term of an administration.

The Senate passed a resolution last week in support of the Marcos administration’s 2022-2028 MTFF, which strives to harmonize all economic recovery measures and legislative priorities.

Pangandaman praised the legislators for their commitment to ensuring that their legislative agenda is driven by the fiscal framework’s objectives.

“It is encouraging to see that Congress is united with the administration in our economic objectives for the nation. We commend Congress on the adoption by both the Senate and the House of Representatives of their respective resolutions backing the MTFF,” she said.

Pangandaman stated that under the framework, the government intends to attain 6.5 to 7.5 percent gross domestic product (GDP) growth in 2022; 9 percent or single-digit poverty rate by 2028; 3 percent national government deficit to GDP ratio by 2028, and less than 60 percent national government debt-to-GDP ratio by 2025.

“It is with these objectives in mind that we have designed our National Expenditure Program (NEP),” she said.

Pangandaman thanked Congress for acknowledging the significance of a financial consolidation and resource mobilization strategy, which includes measures like the rightsizing of government structures and staff.

As the country begins its recovery from the Covid-19 pandemic, the MTFF will serve as the blueprint for fiscal deficit reduction, promotion of fiscal sustainability, and enabling vigorous economic growth.

Finance Committee chairperson Sonny Angara sponsored Senate Concurrent Resolution 3 in support of the MTFF, while Marikina Representative Stella Luz Quimbo, vice chairperson of the House Appropriations Committee, sponsored a similar resolution submitted before the House of Representatives.

The resolution backs both the near-term and medium-term socio-economic agenda, which address concerns such as food security, transportation and logistics, energy, fiscal management, health, education, social protection, and bureaucratic efficiency.

Moreover, it appeals for a review and update of the MTFF to reflect current economic conditions and developments after three years or in 2025, prior to the 20th Congress.

House committees to hold hearings during break

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Spread the loveMANILA – The House of Representatives has authorized for its committees to conduct hearings during the five-week congressional break, extending until late April.