Congress seeks resolution committing gov't to spending plan

Congress seeks resolution committing gov't to spending plan

(File photo) MANILA - Albay Rep. Joey Salceda on Monday said Finance Secretary Benjamin Diokno has agreed on the need for a medium-term fiscal plan, which Congress will institutionalize in a joint resolution to help accelerate economic growth and reduce the public debt ratio to 52.5 percent by 2028. "Secretary Diokno and I have agreed on the need for a medium-term fiscal plan that takes into account revenue as well as expenditure projections until 2028, the end of PBBM's (President Ferdinand 'Bongbong' Marcos Jr.) term," Salceda told reporters in a message. "I have committed to file the Joint Resolution on the matter, awaiting the incoming Speaker's instructions." Salceda, chair of the House committee on ways and means, said the panel is prepared to provide the needed legislative support for the revenue base under the joint resolution. He said the medium-term fiscal program will be a "path for revenues" to go from 15.3 percent of the gross domestic product (GDP) to 17.6 percent of GDP; and for expenditures to go from 22.9 percent of GDP to 20.6 percent. "In other words, the plan will aim to narrow the deficit to just 3 percent by the end of PBBM's term," Salceda said. "That, of course, will depend highly on growing our GDP, and outgrowing our debt." Under the plan, he said the government will aim to grow the real GDP by 6.5 to 8 percent of GDP annually until 2028, and 5 to 6 percent of GDP in infrastructure spending. "It will commit the government to a set of specific objectives and targets, and will guide the fiscal and spending policies of Congress and the national government," he said. To optimize growth, Salceda said the government will identify key economic priorities, such as agricultural development, reduction of logistics and transport costs, reduction of energy costs, sound fiscal management, health, education, social protection and government efficiency. Last week, he filed a joint resolution adopting "Build, Build More" as a national infrastructure development framework to ensure the continuity of the infrastructure projects under the "Build, Build, Build" program. In filing House Joint Resolution 6, Salceda said the Marcos administration has expressed its political commitment to supporting the continuation of the massive infrastructure development program initiated by the Duterte administration. The resolution proposes the "Build, Build More" program as a national infrastructure development framework, which shall prioritize the completion of infrastructure projects that have been implemented or have been prepared for implementation by the Duterte administration and other previous administrations. "Proper planning and design, adequate funding, efficient implementation, and timely and effective completion of infrastructure projects will be crucial to economic recovery from the scarring effects of the Covid-19 pandemic and the attendant global economic slowdown," Salceda said. (PNA) }

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Manila , Philippines , Benjamin Diokno , Ferdinand Bongbong Marcos Jr , , Joey Salceda , Finance Secretary Benjamin Diokno , President Ferdinand , Joint Resolution , House Joint Resolution , Ile Photo Manila Albay Rep Joey Salceda On Monday Said Finance Secretary Benjamin Diokno Has Agreed The Need Fora Medium Term Fiscal Plan , Hich Congress Will Institutionalize Ina Joint Resolution To Help Accelerate Economic Growth And Reduce The Public Debt Ratio 52 5 Percent By 2028 Quot Secretary Diokno Andi Have Agreed On Need Fora Medium Term Fiscal Plan That Takes Into Account Revenue As Well Expenditure Projections Until , He End Of Pbbm 39s President Ferdinand 39 Bongbong Marcos Jr Term , Uot Salceda Told Reporters Ina Message Quoti Have Committed To File The Joint Resolution On Matter , Waiting The Incoming Speaker 39s Instructions Quot Salceda , Hair Of The House Committee On Ways And Means , Aid The Panel Is Prepared To Provide Needed Legislative Support For Revenue Base Under Joint Resolution He Said Medium Term Fiscal Program Will Bea Quot Path Revenues Go From 15 3 Percent Of Gross Domestic Product Gdp 17 6 And Expenditures 22 9 20 In Other Words , He Plan Will Aim To Narrow The Deficit Just 3 Percent By End Of Pbbm 39s Term , Uot Salceda Said Quot That , Mf Course , Ill Depend Highly On Growing Our Gdp , Nd Outgrowing Our Debt Quot Under The Plan , E Said The Government Will Aim To Grow Real Gdp By 6 5 8 Percent Of Annually Until 2028 , Nd 5 To 6 Percent Of Gdp In Infrastructure Spending Quot It Will Commit The Government Toa Set Specific Objectives And Targets , Nd Will Guide The Fiscal And Spending Policies Of Congress National Government , Uot He Said To Optimize Growth , Alceda Said The Government Will Identify Key Economic Priorities , Uch As Agricultural Development , Eduction Of Logistics And Transport Costs , Eduction Of Energy Costs , Ound Fiscal Management , Health , Education , Ocial Protection And Government Efficiency Last Week , E Fileda Joint Resolution Adopting Quot Build , Uild More Quot Asa National Infrastructure Development Framework To Ensure The Continuity Of Projects Under Build , Build , Uild Quot Program In Filing House Joint Resolution 6 , Alceda Said The Marcos Administration Has Expressed Its Political Commitment To Supporting Continuation Of Massive Infrastructure Development Program Initiated By Duterte Resolution Proposes Quot Build , Uild More Quot Program Asa National Infrastructure Development Framework , Hich Shall Prioritize The Completion Of Infrastructure Projects That Have Been Implemented Or Prepared For Implementation By Duterte Administration And Other Previous Administrations Quot Proper Planning Design , Adequate Funding , Efficient Implementation , Nd Timely And Effective Completion Of Infrastructure Projects Will Be Crucial To Economic Recovery From The Scarring Effects Covid 19 Pandemic Attendant Global Slowdown , Uot Salceda Said Pna ,

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