DBCC proposes P6.2-T nat’l budget for 2025
DBCC proposes P6.2-T nat’l budget for 2025;
PH to maintain position as one of fastest growing economy in Asia Pacific Region despite adjustments to growth target
PH to maintain position as one of fastest growing economy in Asia Pacific Region despite adjustments to growth target
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NewsTranscript
00:00 Nothing wrong with setting lofty targets or goals in the economy, especially if it's riding a wave of momentum from last year and the year before.
00:08 Hence, in today's Cabinet meet in the Palace, NEDA chief Arsenio Balisacan pared down growth target numbers for next year on the front and back ends by a half a percentage point,
00:19 which has little or no effect in the country hitting middle class economic status and single digit poverty incidents by 2028, as our Kenneth Paciente reports.
00:30 Php 6.2 trillion is the proposed national budget for the year 2025 by the Development Budget Coordination Committee or DBCC at the Cabinet meeting yesterday presided by President Ferdinand R. Marcos, Jr.
00:43 This is 7.5 percent higher than this year's budget of Php 5.768 trillion.
00:49 According to National Economic and Development Authority Secretary Arsenio Balisacan, if approved, such funds will remain reserved for projects that will help and improve the standard of living of Filipinos,
00:59 including the affordable housing under the Pambansang Pabahay para sa Pilipino program of the administration.
01:04 With spending to remain focused on delivering high impact and transformative public infrastructure projects and essential social services, especially for the poor and vulnerable.
01:17 Different steps of the government related to different issues were also discussed, including plans to grow the country's economy,
01:24 in which the DBCC approved the adjustment of the country's growth target this year.
01:28 From the previous 6.5 percent to 7.5 percent target for 2024, it was reduced to 6 percent to 7 percent.
01:35 Balisacan explained, several things were considered including the economic performance of the country in 2023, as well as some external factors.
01:43 To recognize the recent developments in the global economy, particularly trade and finance,
01:54 we have seen there continuing slowdown of the global economy and also taking into account the uptick in oil prices
02:08 and as well as the trends in the inflation interest rates, not just in the Philippines but also in other countries, particularly our major trading partners like the US.
02:23 In the year 2025, the growth target was lowered to 6.5 percent to 7.5 percent from the previous 6.5 percent to 8 percent range,
02:32 while the country's growth target for the years 2026 to 2028 is still fixed at 6.5 percent to 8 percent.
02:39 Despite such adjustment, Balisacan insists the trajectory of the country's economy is still on track.
02:45 In fact, the adjusted growth targets will maintain the Philippines' position as one of the fastest growing economies in the Asia-Pacific region.
02:53 At this pace of growth, we are still on track to reducing poverty incidence from 18 percent in 2021 to single digit level in 2028.
03:09 However, the government still has not ignored some challenges despite the good standing of the country's economy,
03:15 such as domestic and external risks, climate change, natural disasters such as El Niño that is being experienced now that may affect food security, as well as the price of food.
03:25 Challenges the government is focused to overcome, the administration remains positive to sustain the momentum of the economy for the country's greater development.
03:33 The Marcos administration remains steadfast in its commitment to sustain the robust growth trajectory of the Philippine economy.
03:42 The government's dedication transcends meeting statistical targets or numerical benchmarks.
03:50 We direct our efforts toward realizing a strategic and compelling vision for our nation's prosperity,
03:58 even as we navigate a global economic landscape marked by various challenges within and without.
04:06 Balisakan emphasized that adjusted growth rates will not affect the country's achievement of upper middle income status in the year 2025 and said the government is on track in achieving it.
04:17 But is it still possible for the country to achieve its 8 percent GDP growth target at the end of the term of President Ferdinand R. Marcos, Jr.?
04:25 The 2028 is where we are targeting 6.5 to 8. If we hit the 8, we will be so lucky, right?
04:33 But, you know, as we see it, there are, I see, if the interest rates will continue to fall, there's a huge housing backlog.
04:46 You know, if those come in, they will drive the economy in a substantial way.
04:52 The GDP of the country's economy grew 5.6 percent in 2023, higher than China, Vietnam, and Malaysia.
05:00 Kenneth, patient.
05:02 National TV Network for a new and better Philippines.