The P5.268 trillion national budget for 2023 contains allocations that will help protect the Philippine economy from the “negative” impact of internal and external shocks, the Department of Budget and Management (DBM) said on Wednesday.
The DBM issued the statement a day after the Philippine Statistics Authority (PSA) reported that the country’s headline inflation rate in January climbed to 8.7 percent from 8.1 percent in December 2022.
The budget department said this year’s national budget is composed of allocations intended for the implementation of the government’s social protection, economic development, and disaster preparedness programs.
The DBM assured that the government’s social protection programs would get “needed funds” for 2023. It noted that more than P151 billion has been allocated for the continuation of the Department of Social Welfare and Development’s (DSWD) major social protection service programs this year.
Under the 2023 General Appropriations Act (GAA), the 4Ps or the government’s direct cash assistance to poor households will receive the biggest chunk of funds, which is P102.61 billion.
Senate Minority leader Aquilino “Koko” Pimentel III meanwhile expressed dismay at the country’s economic managers, citing the lack of concrete plans and swift action to address inflation which peaked at 8.7 percent in January 2023, an all-time high since November 2008.
“We have seen the first symptoms of worsening inflation with the sugar crisis in the second half of 2022 followed by the onion crisis in the last quarter,” Pimentel said, adding that instead of focusing on the Maharlika Investment Fund, all hands should be on deck to address the serious problem of inflation.
In a related development, the Department of Trade and Industry (DTI) meanwhile said it will intensify the implementation of policies and programs aimed at curbing inflation, focusing on 4 key areas—consumer prices, logistics and supply chain management, investment promotion, and partnership with other government agencies.
To manage prices, the DTI said it will closely coordinate with manufacturers to ensure the steady supply and reasonable pricing of basic necessities and prime commodities (BNPCs), not only during periods of crisis but also during non-crises periods.
Trade Secretary Alfredo Pascual said DTI’s e-Presyo Application ensures that consumers are informed of the prevailing prices of BNPCs to help them make informed market choices.
Pascual, as the chair of the National Price Coordinating Council (NPCC), and in partnership with the Department of Agriculture (DA), also launched the Ikot Palengke Program in November 2022, which facilitated the monitoring of prices and supply of agricultural products in selected wet markets as well as manufactured products in supermarkets.
With the increasing inflation, he pointed out that the essential needs that a 570-peso salary for non-agriculture workers and a 533-peso salary for manufacturing, agriculture and service industries can purchase get slimmer and slimmer.
“There are so many pressing issues that need more of our attention and efforts, we should be prioritizing these especially matters that concern the ordinary and marginalized Filipinos,” the senator said.