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| PH Presumptive President Ferdinand “Bongbong” Marcos. (Photo from Contributed) |
[Asia News = Reporter Reakkana] MANILA: The incoming administration of Ferdinand Marcos Jr. will have to spend a record P5.268 trillion (100, 610,371,200 USD) in 2023, its first full-year national budget. The Cabinet-level Development Budget Coordination Committee (DBCC) chaired by Budget Officer-in-Charge Secretary Tina Rose Marie Canda on Tuesday approved a bigger 2023 budget proposal than the P5.242-trillion pegged when the DBCC last met in December of last year, PH Inquirer reported.
The 2023 national budget will be equivalent to 22.1 percent of gross domestic product (GDP). The Department of Budget and Management (DBM) must pitch next year’s national budget to Congress within a month from Marcos Jr.’s first state of the nation address (SONA) when the forthcoming 19th Congressional session begins. The 2023 national budget will be equivalent to 22.1 percent of gross domestic product (GDP).
The Department of Budget and Management (DBM) must pitch next year’s national budget to Congress within a month from Marcos Jr.’s first state of the nation address (SONA) when the forthcoming 19th Congressional session begins.
