MANILA -- DBM Secretary Amenah F. Pangandaman is confident that the government will reach the 6.0 to 7.0 GDP growth target set by the Development Budget Coordination Committee (DBCC) for 2023 in spite of external headwinds.

At the “Kapihan sa Manila Bay” media forum hosted by veteran journalist Marichu Villanueva, the Budget Secretary shared that while the DBCC slightly lowered the growth target range for next year, the overall goal to steer the economy back to a high-growth trajectory as encapsulated in the Medium-term Fiscal Framework will nevertheless still be achieved with the consolidated efforts of the National Government to open up the economy and promote growth across sectors.

Among these efforts is the strengthening of the domestic economy amid the lingering effects of the pandemic and geopolitical tensions. This will be backed up with the implementation of government strategies and interventions under the Philippine Development Plan 2023-2028, as well as public investments in priority programs across different sectors that boosts growth, especially in the agricultural and MSME sectors.

She also mentioned the efforts of the current administration in securing investments to fund development programs, in line with President Ferdinand R. Marcos Jr.’s pronouncement that the Philippines must become an investment destination.

The Budget Chief added that the Department of Budget and Management will ensure the early release of Allotments under the FY 2023 National Budget through the General Appropriations Act as an Allotment Order (GAAAO). This will enable agencies to immediately start obligating their funds as early as January and in turn implement their priority programs and projects at the start of the fiscal year, keeping the country on track to resilient recovery.

Finally, Pangandaman highlighted the government’s alternative financing strategies, particularly the Public-Private Partnership (PPP) projects which shall supplement government resources amid limited fiscal space. Through the PPP, the government aims to encourage more private investors in cementing public infrastructure development in areas of transportation and logistics, water and sanitation, power and energy, digital infrastructure, and climate resilience, among others.

“These inputs from the National Government will help us achieve our [goal of] 6.0 to 7.0 percent GDP growth for next year,” Secretary Pangandaman said, underscoring how the current administration consolidates its efforts to achieve the target. (DBM)