Martin1 Speaker Martin G. Romualdez

Speaker: Budget OK to hasten PH growth

December 5, 2022 Ryan Ponce Pacpaco 220 views

SPEAKER Martin G. Romualdez on Monday expressed confidence that the ratification Monday night of a bicameral conference committee report on the proposed P5.268-trillion 2023 national budget would keep the country on the growth path.

Romualdez said he has no doubt that the committee’s version of the budget supports the Agenda for Prosperity and eight-point socioeconomic program of President Ferdinand Marcos Jr.

“With this budget, which is the first full-year spending plan proposed by the President, we hope to hasten our economic growth, which should benefit our people,” Romualdez said as he congratulated the House and Senate leaders for rayifying the bicam report on the national budget.

Both the Senate and the House of Representatives ratified the national budget Monday night.

During Monday morning, the bicam met at the Manila Golf and Country Club in Makati City to approve its version of the proposed spending program for next year.

The panel is jointly chaired by Ako Bicol Rep. Elizaldy Co, House appropriations committee chairman, and his Senate counterpart, Sen. Sonny Angara.

He said the forecast of respected international credit rating and financial research agency Moody’s Investor Service that the Philippines would be the best economic performer in the Asia-Pacific region next year “augurs well for the nation.”

For the most vulnerable sectors, Romualdez pointed out that the budget bill would continue to provide hundreds of billions in financial aid, such as medical, transportation, educational, and even burial assistance.

He added that the Department of Budget and Management (DBM) would be able to start releasing agency appropriations at the beginning of 2023 to keep the economy’s growth momentum.

Romualdez reiterated his assurance that the nation would have a 2023 budget before Congress goes on its Christmas recess on December 17.

“It is the most important tool in accomplishing the objectives of the President’s Agenda for Prosperity and his eight-point socio-economic development plan,” Romualdez said.