MANILA, Philippines — The inter-agency Development Budget Coordination Committee (DBCC) has recommended a 2025 national budget of P6.2 trillion, according to National Economic and Development Authority (Neda) Secretary Arsenio Balisacan on Thursday.
In a briefing in Malacañang, Balisacan said the DBCC (composed of the Department of Budget and Management, Neda, Department of Finance, Office of the President and the Bangko Sentral ng Pilipinas) will support President Ferdinand Marcos Jr.’s Build Better More Program.
“The DBCC proposes a national budget of P6.2 trillion for fiscal year 2025, with spending to remain focused on delivering high-impact and transformative public infrastructure projects and essential social services especially for the poor and vulnerable,” he said.
The proposed budget is about P500 billion higher than the approved 2024 national budget of P5.7 trillion.
READ: Bongbong Marcos signs P5.768-trillion 2024 nat’l budget
During the same briefing, Balisacan announced that the DBCC revised its target economic growth for 2024 following the Philippines’ performance in 2023, when growth fell short of government expectations. The target economic growth is now 6 to 7 percent from 6.5 to 7.5 percent.
READ: Gov’t cuts economic growth target for 2024
While Balisacan assured that this target would still retain the Philippine economy’s good performance, he acknowledged possible threats to economic growth.
“We identified domestic and external risks on the horizon. Climate change and extreme natural disasters such as El Niño will continue to pose risk to food security and stability of food prices,” said Balisacan.