THE Department of Budget and Management (DBM) has issued its budget call for the 2024 spending plan, which it said will focus on addressing the impact of a looming global recession and economic scarring from the coronavirus pandemic.
PHILIPPINE STAR/ EDD GUMBAN
The issuance of a National Budget Call signals the start of the budget preparation throughout the bureaucracy. The Philippine economy, which is expected to grow by 6-7% this year, is facing challenges arising from elevated inflation, rising borrowing costs and a likely global recession. “This means that the agencies’ budget proposals are expected to contain concrete program plans and designs that outline key procurement and implementation milestones, including specific project locations and beneficiaries,” it said, adding that agencies’ budget utilization and performance in 2022 would be evaluated.
“However, increased infrastructure spending will not, in any way, detract from the full support provided to the poorest, lagging, climate change and disaster risk vulnerable areas nor the social sector, and basic public services,” it added.
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