House starts nat’l budget hearings
THE House Committee on Appropriations has started the public deliberations and hearing on the proposed 2025 national budget amounting to P6.352 trillion budget.
According to committee chairman Ako Bicol Party-list Representative Elizaldy Co, the deliberation is a crucial step to crafting a national expenditure program that would stimulate the economy, ensure social equity, and sustain development.
The proposed expenditure plan for next year assumes inflation will ease further and move within the Bangko Sentral ng Pilipinas’ target range of 2.0 percent to 4.0 percent as recent cut in rice tariff, Dubai crude oil to trade within USD65-USD85 a barrel, and growth of 6.5-7.5 percent next year from 6.0-7.0 percent target this year.
“The proposed national budget is more than just a financial document. It reflects our priorities, commitments and vision for the future,” Co said.
The lawmaker said the 2025 budget could help more Filipinos hurdle the poverty threshold, especially after government action that brought down rice tariff to 15 percent starting July 16 this year from 35 percent.
“It (the budget) outlines government’s plan to stimulate economic growth, enhance social services, improve infrastructure and ensure sustainable development. In these challenging times, a well-crafted budget is essential for addressing our country’s pressing issues from economic recovery to social equity and food security,” Co said.
He asked his colleagues in the House to carefully analyze the numbers presented by the government’s economic managers who are part of the Development Budget Coordinating Committee to ensure a “realistic budget” that could be supported by revenues.
“As we embark on this crucial task, let us approach it with a sense of responsibility and urgency. Our goal is to approve a budget that not only meets the immediate needs of our constituents but also lays the foundation for long-term growth and prosperity consistent with our vision in Ambition 2040,” Co said, referring to the vision for a more prosperous Philippines.
Ambisyon Natin 2040 envisions a Philippines as a middle income country, with income levels at least three-fold in 2040 compared to its level in 2015.
“Our duty is to ensure that our nation’s financial resources are allocated effectively and responsibly to meet the needs and aspirations of our people,” Co stressed.
