Marikina 2nd District Representative Stella Luz A. Quimbo said on Friday that in order to help the Philippines weather uncertainties, the Congress must pass a well-targeted national budget.
In her opening statement during the Development Budget Coordination Committee (DBCC) 2023 budget hearing at the House of Representatives, Quimbo warned that risks continue to persist despite the economy making significant progress toward recovery, as evidenced by positive gross domestic product (GDP) growth rates in the last five quarters and the close to pre-pandemic GDP levels.
The cost of basic necessities is still very expensive. The nation must manage the debt it racked up during the pandemic. Global events like the Russo-Ukrainian war continue to cause market anxiety and have an impact on Filipinos’ daily lives, she stressed during the first day of the discussions for the 2023 national appropriations, which is positioned as an economic recovery budget.
“Thus, it is critical that we approve a well-targeted budget, based on the NEP (National Expenditure Program) submitted last Monday, that will be instrumental in paving our path forward. The administration has called the budget an agenda for prosperity: towards economic transformation, inclusivity and sustainability,” Quimbo noted.
According to her, Congress’s duty is to effectively and fairly distribute every centavo to initiatives that advance the worthy objectives of the Marcos administration’s Medium Term Fiscal Framework, including job creation and poverty alleviation.
The lawmaker said the Appropriations Committee would ensure that this task of Congress is swiftly carried out without compromising in-depth research and adequate review of the budget under the capable leadership of Speaker Martin Romualdez, committee Chairman Zaldy Co.
She added that the Committee has established channels of communication with various agencies and groups within Congress.
“Kaya kahit ngayon ang unang araw ng formal deliberation ng ating budget, ang katotohanan ay ilang lingo nang nagpre-present ang mga ahensya sa iba’t ibang grupo at Partido ng mga kapwa congressman. This is why I am confident that despite the daunting task ahead, we shall endure and be able to approve the GAB (General Appropriations Bill) by October 1, thereby avoiding delays and a reenacted budget,” Quimbo emphasized.
The solon also praised the abilities of the DBCC members, led by Budget Secretary Amenah Pangandaman, Finance Secretary Benjamin Diokno, Socioeconomic Planning Secretary Arsenio Balisacan, and Bangko Sentral ng Pilipinas Governor Felipe Medalla, who she claimed had spent the majority of their productive lives in public service.
She claimed that their track record provides assurance of a financially viable approach for the recovery and progress of the Philippine economy. Quimbo, nevertheless, urged the DBCC members to cooperate with Congress members and listen to them as they work on the NEP in order to craft a national budget that will improve the lives of Filipinos.
She added, “On my part, it is an honor and privilege to sponsor the economic framework underlying the proposed 2023 national budget.”
The DBCC is proposing a P5.26-trillion national budget for next year.
Photo Credit: House of Representatives website