Daphne V. Yu
Introducing Daphne V. Yu: A Beacon of Excellence in Luxury Residential Real Estate Daphne V. Yu, af...
The enactment of the 2025 General Appropriations Act (GAA) marks a significant milestone in advancing the Philippines' development objectives, particularly in human capital growth and poverty reduction, according to the National Economic and Development Authority (NEDA).
During a press conference at Malacañang Palace following the signing ceremony on Monday, NEDA Secretary Arsenio Balisacan lauded the national budget as a cornerstone for achieving the targets outlined in the Philippine Development Plan (PDP) 2023-2028.
“This budget directs substantial investments into critical social services such as education, health, and social welfare programs, alongside infrastructure development that fosters economic growth and inclusivity,” Balisacan stated. “These initiatives are pivotal to reaching the PDP's goals for human capital development and poverty reduction.”
President Ferdinand R. Marcos Jr. exercised fiscal prudence in finalizing the budget by vetoing over PHP194 billion worth of line items deemed inconsistent with the administration’s priorities. These adjustments, made in consultation with his Cabinet, reflect the administration’s commitment to maintaining fiscal discipline while pursuing essential programs.
Budget Secretary Amenah Pangandaman and Finance Secretary Ralph Recto noted that certain provisions passed by Congress, such as a 300% increase in unprogrammed appropriations, required clarification and alignment with the government’s fiscal strategies.
“This decisive action ensures that planned spending adheres to the target deficit ceiling, keeping us on course to achieve our medium-term fiscal goals,” Balisacan emphasized.
The 2025 budget comes at a pivotal juncture as the Marcos administration reaches its midterm. Balisacan highlighted the importance of assessing progress and recalibrating strategies to sustain momentum in achieving the PDP's targets.
“As we advance into 2025, we reaffirm our commitment to building a matatag, maginhawa, at panatag na buhay (stable, comfortable, and secure life) for all Filipinos,” he said.
President Marcos echoed this sentiment, underscoring the budget's alignment with the administration’s overarching goals of inclusive development and economic stability.
The 2025 GAA reflects a comprehensive approach to national development, with significant allocations aimed at addressing the country’s most pressing needs. These include improving access to quality education, enhancing healthcare services, and expanding infrastructure to stimulate economic opportunities in underserved areas.
By focusing on human capital development and poverty alleviation, the budget lays the groundwork for sustained growth and equitable progress. As the nation enters a crucial phase of its development agenda, the administration’s fiscal strategies aim to ensure a brighter and more prosperous future for all Filipinos.
Leave a Comment