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December 12, 2018

BREAKFAST WITH BEN: Status of 2018 Budget

Breakfast with Ben

Breakfast with Ben is a weekly informal and casual discussion of Department of Budget and Management Secretary Benjamin Diokno with media to talk about the latest news on the budget, economic reforms and government policies.

DATE:

December 12, 2018

TIME:

8:30 AM – 10:30 AM

VENUE:

DBM Executive Lounge, DBM, General Solano St., San Miguel, Manila

ISSUE:

1. Status of 2018 Budget

2. October 2018 National Government Disbursement Performance

* Watch the full, unedited press conference below:


This video will be broadcast live on our Youtube channel and website.
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(Editor’s note: The starting time may change due to scheduling constraints.)
A higher resolution video of the event will be uploaded after 24 hours.


Gallery:


Highlights:

  • he Department of Budget and Management has released 96.5%, or PhP 3.633 trillion, of the PhP 3.767 trillion budget for fiscal yethe ar 2018 as of November 30.This is a PhP 4 billion increase in total allotment releases from the November 22 report, which amounted to PhP 3.629 trillion.Besides continuing appropriations from Republic Act 10924 or the General Appropriations Act for Fiscal Year 2017 amounting to PhP 3.05 billion, unprogrammed appropriations worth PhP 12.32 billion were also included in the additional release.Unprogrammed appropriations comprise the following:* PhP 3.5 billion in support for foreign-assisted projects,
    * PhP 8 billion in support for infrastructure projects and social programs, and
    * PhP 800 million in general fund adjustments.

    Other automatic appropriations with a total of PhP 3.89 billion were also covered by the release. This included funding for the AFP Modernization Program, grants and donations, and others.

  • “We have numbers,” says DBM Secretary Diokno, responding to claims from Congressman Rolando Andaya saying concerns over a reenacted budget are overstated.According to DBM estimates, a reenacted budget would reduce disbursements by around PhP 220 billion by 2019. While “the sky will not fall down,” as Congressman Andaya claimed, the growth impact of such a reduction would be “detrimental,” according to the budget chief.”Our growth targets are anchored on a carefully-crafted expansionary fiscal policy,” Secretary Diokno said. “If you reduce the budget, you interrupt our growth momentum.”Latest NEDA estimates show that a reenacted budget could have a GDP growth impact of -1.1 to -2.3% in 2019.Employment will also be reduced by as much as 600,000 jobs in sectors such as construction, public administration and defense, wholesale and retail trade, land transport and education.It is also estimated that 200,000-400,000 individuals could be pushed into poverty following the contraction of the budget.”I have previously served two other Presidents, and I have not seen the stars align like it has for this one. With steady and relatively stable growth, we have a golden opportunity here to bring our growth even further by investing in infrastructure and human capital. We would be wasting that opportunity if we reenact the budget.” Secretary Diokno lamented.



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