Senators explored the possibility of “frontloading” a P715-billion allocation in the proposed 2023 budget which is intended to fund obligations due in 2024. READ:
Senator Ana Theresia N. Hontiveros-Baraquel made the inquiry of the Department of Budget and Management at a Senate finance committee hearing.
Resorting to a MYCA will allow the government to “frontload appropriations for faster-moving projects that the departments deem urgent,” she said. “This is part of our budget management considering that we have limited fiscal space in our budget,” she added. The proposed 2023 budget for the DoTr stood at P167.121 billion, which is a 122.1% increase from its P75.248-billion allocation this year.
The debt-to-gross domestic product ratio rose to 62.1% in the second quarter from 39.6% in 2019, reflecting the need to borrow in responding to the pandemic.
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