2019 budget pegged at P3.4 trillion



By Rose de la Cruz

 

 

After last week’s release of the Budget Call for 2019 under National Budget Memorandum No. 129, representatives from national government agencies will gather for the Budget Forum on January 17 (tomorrow) to forward issues and concerns related to the preparation of their agencies’ budget proposals for Fiscal Year (FY) 2019. Agencies are expected to submit their budget proposals to the DBM by mid-April 2018.

 

The total budget levels for FY 2019 have already been disclosed by the Development Budget Coordination Committee in its meeting last December 22, 2017.

 

For 2019, the government has a revenue target of P3.134 trillion, projected to be 16.2 percent of GDP, and a disbursement target of P3.708 trillion, or about 19.2 percent of GDP. The deficit will be sustained at 3 percent of GDP or at a nominal value of P 574.5 billion. The 2019 DBCC-approved budget level is set at P3.4 trillion. It should be noted that the disbursement target is equivalent to the cash-budget and accounts payable for FY 2019.

 

Cash-based

 

The FY 2019 budget will be an annual cash-based budget. With annual cash-based appropriations, agencies can only incur contractual obligations and disburse payments for goods delivered and services rendered and inspected within the fiscal year, with an extended payment period of three months. This will effectively limit agencies to submit budget proposals reflecting payment of goods and services that will actually be delivered for the year.

 

This shift is expected to quicken program delivery, as well as strengthen the focus and accountability of government as target outputs of government programs become more clearly linked to their appropriated budget.

 

The 2019 President’s Budget will be submitted to Congress on July 23, 2018, the day of the State of the Nation Address. #

 

 

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