Budget Secretary Amenah “Mina” Pangandaman
The interagency Development Budget Coordination Committee (DBCC) on Thursday proposed a national budget of P6.352 trillion for 2025, which equates to 22 percent of the gross domestic product (GDP) and 10.1 percent more than the P5.768 trillion this year.
“It’s really a very ambitious part that we’re asking the Bureau of Internal Revenue and Bureau of Customs to increase their revenue annually by double digit. We’re on top of many of the reforms to modernize and to ensure that the government is able to provide the services that we need,” Budget Secretary Amenah Pangandaman said in the meeting.
Pangandaman said that the increase in the national budget aligns with the full reopening of the economy.
READ: DBCC proposes P6.2-trillion national budget for 2025
Among the projects that needed higher funding were the expansion of the Pantawid Pamilyang Pilipino Program (4Ps) and budgetary support for the upcoming election, which aims to increase the allowances of teachers.
“We do want to support and reach our growth targets for the new term. Having this fiscal space will actually allow [the President] to spend more on priority measures infrastructure, on social services and the like,” Pangandaman added.
Pangandaman said that the proposed budget will be presented to the full cabinet meeting on July 2 and the House of Representatives on July 29.
Revisions
The DBCC also made revisions in other indicators.
Dubai crude oil price assumptions were slightly narrowed to $70 to $85 per barrel from $70 to $90 per barrel this year. From 2025 to 2028, Dubai crude oil was maintained at global production and is forecast to pick up over the medium term.
READ: House to begin hearings on P5.7-trillion national budget
Foreign exchange rate projection was revised to P56 to P58 for the greenback in 2024 as the government seeks to stabilize at P55 to P58 for the remainder of the medium term.