23-05-2025
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
