2022 Proposed Budget Could Reach ₱5.024 Trillion
As the country’s Gross Domestic Product (GDP) is expected to bounce back by as much as 10 percent in 2022, the proposed budget could reach ₱5.024 trillion pesos, according to the Development Budget Coordination Committee (DBCC) in a joint statement at the 178 DBCC meeting.
On a briefing last Saturday at Laging, Budget Secretary Wendel Avisado said the amount will be higher than the 2021 proposed budget. That’s why the government and their economic team is doing everything that they can, he said in a statement.
Budget Secretary Wendel Avisado also said that the DBM would issue the budget calls next week for the 2022 spending program that will focus on health care as well as projects that would help the economy rebound from its pandemic-induced recession.
The proposed national budget for 2021 is ₱4.506 trillion. Avisado further explained that economic managers expect the GDP to bounce back from between 6.5% and 7.5% percent in 2021 to between 8% and 10% in 2022.
The Philippine economy contracted by 11.5% in the third quarter, -16.9% in the second quarter, and by -0.7% in the first quarter, bringing the year-to-date average to -10%. The actual contraction is actually worse than earlier forecasted. Despite the negative growth this year, Avisado is hopeful that next year, other than a positive upward trend, economic growth will be between 6.5 to 7.5