The Senate has adopted a concurrent resolution supporting the 2022–2028 Medium-Term Fiscal Framework (MTFF), which aims that all policies and initiatives for economic recovery be in line with legislative priorities.
The Senate’s Public Relations and Information Bureau (PRIB) said in a statement on Tuesday that Senate Concurrent Resolution (CRN) No. 3, put forth by Senate President Juan Miguel “Migz” F. Zubiri, Senate President Pro Tempore Loren Legarda, and Senate Majority Leader Joel Villanueva was accepted on September 7, 2022, with one vote against it and one abstention.
Senator Risa Hontiveros did not cast a vote, and Senate Minority Leader Aquilino “Koko” Pimentel III opposed CRN 3 on the grounds that it lacked “intelligible details.”
PRIB added that Senator Juan Edgardo “Sonny” Angara, the measure’s sponsor, noted that this is the first time that a sitting administration has established a fiscal framework to guide the decisions of lawmakers and civil servants since he served as chair of the Committee on Finance and throughout his nearly two decades of public service as a legislator.
The MTFF requires the government to exhibit fiscal discipline while pursuing its socioeconomic agenda because, in his words, “we believe there’s no argument on the need for the government to be fiscally responsible as it works to jumpstart our economic recovery.”
In a summary, the bureau stated that the framework will act as the country’s roadmap for reducing the fiscal deficit, promoting fiscal sustainability, and enabling strong economic growth as it recovers from the Covid-19 pandemic.
It emphasizes the eight-point priority agenda for the short term, which aims to protect Filipinos’ purchasing power and lessen the socioeconomic damage the pandemic has caused to families and consumers.
These eight short-term goals are: ensuring food security; reduce transport and logistics costs; reduce energy costs to families; tackle health concerns; strengthen social protection, which includes efforts to improve the Pantawid Pamilyang Pilipino Program and expedite the implementation of the National ID System; reopen of face- to-face classes in a safe and timely manner; make the bureaucracy more efficient through digitalization; and pursue sound fiscal management through taxation reforms and better revenue allocation.
On the other hand, the medium-term socioeconomic strategy will focus on generating greener, sustainable, and high paying jobs for Filipinos. This is possible through the promotion of the Philippines as an investment destination; improved infrastructure, enhanced by public-private partnerships; ensure energy security; enhance employability through better-quality education and training opportunities; expand and improve digital infrastructure; encourage research and development and innovation; adopting a “green” and “blue” mindset to managing the economy; and establishing liveable and sustainable communities.
The MTFF will be reviewed and updated in three years, or in 2025, at the opening of the 20th Congress, to reflect the most recent advancements and economic realities, according to PRIB.
The concurrent resolution stated: “Whereas, there is a need to adopt a whole-of-nation approach to align all economic recovery programs and measures of the National Government (NG) with the legislative priorities…Resolved by the House of Representatives, the Senate concurring, that the legislative agenda shall be guided by targets set in the 2022-2028 Medium-Term Fiscal Framework.”
Photo Credit: Senate website