Latest news with #DBCC
GMA Network
23-05-2025
- Business
- GMA Network
Marcos economic team intact as secretaries, special adviser retained
President Ferdinand Marcos Jr. has retained the composition of his administration's economic team following his call for his Cabinet members to file courtesy resignations. At a news conference on Friday, Executive Secretary Lucas Bersamin said the President chose "after careful evaluation" to retain Trade Secretary Ma. Cristina A. Roque, Finance Secretary Ralph G. Recto, Economic Planning and Development Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederick Go. 'Itong lima na ito ay magpapatuloy sa kanilang panunungkulan, paninilbihan sa taumbayan at makakaasa kayo na sila naman ay sinsero o dedicated sa kanilang sinumpaang katungkulan,' Bersamin said. (These five will continue to serve the people and you can be assured that they are sincere or dedicated to their sworn duties.) Following Marcos's call for his Cabinet secretaries to submit their courtesy resignations after his pronouncement that the results of Eleksyon 2025 showed that the people are "tired of politics and they are disappointed with the government,' members of the economic team have immediately complied. In a statement, Pangandaman, who chairs the Cabinet-level macroeconomic and fiscal-targeting Development Budget Coordination Committee (DBCC), said she was 'tremendously grateful to President Ferdinand R. Marcos Jr. for the steadfast trust, support, and confidence he has bestowed not only upon me but upon the entire economic team.' 'This has only reaffirmed my own commitment to public service and reignited my determination to work even harder for our nation and our people," Pangandaman said. "And certainly the entire economic team is one in reinforcing our shared vision for an even more prosperous economy. I would also thank the many business groups, public service institutions, CSOs, and individuals who sent me messages of support,' she added. 'We have always been one with the President in working towards our Agenda for Prosperity while pursuing an open government that is transparent and accountable," Pangandaman said. With the boost of confidence from the President and as the economic managers review the Medium Term Fiscal Program and as the Department of Budget and Management enters budget deliberations, Pangandaman said she was renewing her commitment to "an economic transformation that is inclusive and sustainable, fulfilling the needs and aspirations of the Filipino people, including the next generations." Marcos' chief economic manager, Recto, also thanked the President. 'I thank the President for his continued trust. More than a vote of confidence, I take this as a marching order to push harder and deliver results faster, and thus we will also do our own recalibration within the department," Recto said. Recto said the DOF would not stop in ensuring that every Filipino family would feel the effects of progress. Balisacan also thanked Marcos "for his continued trust and confidence and assure him of the Department of Economy, Planning, and Development's continued efforts, together with members of the Economic Team, to steer the economy to a prosperous, inclusive, and resilient future where every Filipino benefits from our nation's progress." Go and Roque have yet to issue their statement about their retention in the Marcos administration's Cabinet. The Marcos administration's economic team is lookig to bring down the poverty rate to 9% by 2028. It also aims to reduce the country's debt-to-gross domestic product (GDP) ratio to below 60% by 2028. It also hopes to achieve an economic growth rate of 6% to 8% between 2025 and 2028. –NB, GMA Integrated News
GMA Network
23-05-2025
- Business
- GMA Network
Econ team engages with civil groups to refine macroeconomic, DBCC process
The Marcos administration's economic team has engaged, for the first time, members of civil society organizations (CSOs) in a dialogue to refine the Development Budget Coordination Committee (DBCC) process. In a news release on Friday, the Department of Finance (DOF) said the DBCC —chaired by the Department of Budget and Management (DBM) and composed of the DOF, the Department of Economy, Planning and Development (DEPDev), and the Office of the President (OP), with the Bangko Sentral ng Pilipinas (BSP)— held a dialogue with 15 CSOs last May 21, 2025 to 'strengthen participatory governance and provide a platform for meaningful engagement between civil society and key policymakers.' The 'Macroeconomic Insights for National Action: An Economic Dialogue with Civil Society' —organized by the DBM in collaboration with its Budget Policy and Strategy (BPS) Group and the Philippine Open Government Partnership (PH-OGP)— was in line with President Ferdinand Marcos Jr.'s directive to make the DBCC process more transparent, inclusive, and reflective of the concerns of various stakeholders. The DBCC is primarily responsible for reviewing and approving the government's macroeconomic targets, revenue projections, borrowing levels, overall budget ceiling, and expenditure priorities. The body recommends to the Cabinet and the President the consolidated public sector financial position and the national fiscal program. The dialogue, during which CSOs share their feedback and policy recommendations, and explore diverse perspectives on emerging economic challenges, was paneled by Budget Secretary and DBCC chair Amenah Pangandaman together with DOF Undersecretary and chief economist Domini Velasquez, BSP Deputy Governor Zeno Abenoja, DBM principal economist and Undersecretary Joselito Basilio, and DBM Assistant Secretary Romeo Matthew Balanquit served as panelists during the event. The DOF said DBM Undersecretary Basilio opened the session with an overview of the DBCC's structure and processes. Budget chief Pangandaman, for her part, gave a keynote that underscored the significance of CSO engagement in the budget cycle and emphasized the administration's push for budget reforms that prioritize openness and accountability. DOF's Velasquez, meanwhile, highlighted the DOF's critical role in securing the financial backbone of the government, noting the challenge of raising P12.72 billion in daily revenues this year to fund the P6.352 trillion national budget—of which only P4.64 trillion is supported by revenue collections. Velasquez also said that the DOF is implementing a three-pronged strategy to boost revenue generation, namely strengthening tax administration, enacting key revenue reforms, and maximizing non-tax revenues through public-private partnerships (PPPs) and strategic privatization initiatives. The Finance official likewise reassured CSOs that the government is on track to bring the fiscal deficit down gradually to just 3.7% by 2028. On the BSP's side, Abenoja presented the latest macroeconomic assumptions and monetary policy developments amid the shifting global landscape. During the open forum, CSO participants raised timely and relevant points on tax policy, transparency in budgeting, digital transformation, and freedom of information, according to the DOF. The Finance Department said the CSOs' insights and recommendations will be thoroughly considered by the DBCC in crafting macroeconomic and fiscal strategies that genuinely reflect the needs and aspirations of the Filipino people. —AOL, GMA Integrated News
