ASEAN KEY DESTINATIONS
DBM says 2019 budget pegged at P3.4T
The inter-agency Development Budget Coordination Committee (DBCC) has approved a national budget of P3.4 trillion for 2019, the Department of Budget and Management (DBM) said Wednesday.
The 2019 budget covers a revenue target of P3.134 trillion or 16.2 percent of the gross domestic product, the DBM said in an emailed statement.
The DBCC also set a disbursement target of P3.708 trillion or 19.2 percent of the GDP.
As the 2019 budget stands now, it is lower than the P3.767 trillion for 2018—the biggest General Appropriations Act so far.
The 2019 budget is a cash-based budget. Agencies may only enter contractual obligations and disburse payments for goods and services to be delivered within the fiscal year.
“This will effectively limit agencies to submit budget proposals reflecting payment of goods and services that will actually be delivered for the year,” the DBM said.
“This shift is expected to quicken program delivery, as well as strengthen the focus and accountability of government as target outputs of government programs become more clearly linked to their appropriated budget,” it added.
Government officials will meet as early as next week to discuss preparations for budget proposals for 2019.
“Representatives from National Government Agencies will gather for the Budget Forum on Jan. 17, 2018 to forward issues and concerns related to the preparation of their agencies’ budget proposals for Fiscal Year 2019,” the DBM said.
“Agencies are expected to submit their budget proposals to the DBM by mid-April 2018,” the department noted.
The 2019 President’s Budget is expected to be submitted to Congress on July 23, the same day as the State of the Nation Address by President Rodrigo Duterte.
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