Philippines eyes P4.2-trillion budget for 2019

January 5, 2018

The Duterte administration is eyeing record high P4.2 trillion budget for 2019, Budget Secretary Benjamin Diokno said on Friday.

The target budget for next year is 11.5 percent higher than the this year's budget of P3.767 trillion.

"The equivalent obligation budget for 2019 is P4.2 trillion," Diokno said in a text message.

In a statement, the Department of Budget and Management has issued the budget call for 2019, signalling formulation and submission of budget proposals by the different government agencies for next year.

According to the DBM, the budget call was based on the macroeconomic assumptions adopted by the interagency Development Budget Coordination Committee in its meeting on December 22, 2017.

The DBCC has kept the gross domestic product growth rate at 7 percent to 8 percent this year; exports, 9 percent; price of Dubai crude oil per barrel, $65; 74-26 percent borrowing mix in favor of domestic sources; and deficit ceiling of 3 percent of GDP.

DBM said the agency budget proposals will continue to reflect administration policies such as the President's 0+10-Point Socio-Economic Agenda, the Philippine Development Plan (PDP) and the priority programs and projects contained in the 2017-2022 Public Investment Program (PIP), and will incorporate the 2019-2021 Three-Year Rolling Infrastructure Program (TRIP).

With the passage of the new tax reform measure, the government expects additional revenue of P82-90 billion for this year. Celerina Monte/DMS