BUSINESS
Advocates Philippines
NEDA: Proposed P5.768-Trillion National Budget For 2024 Aligned To Tackle Inflation And Boost Inclusive Economic Growth
Photo credit: NEDA
In a bid to address the persisting issue of inflation and foster inclusive economic growth, the National Economic and Development Authority (NEDA) has announced that the proposed PHP5.768-trillion national budget for 2024 will focus on targeted interventions. These measures are designed to safeguard the purchasing power of Filipino families and mitigate constraints on investment, according to a recent statement from NEDA Secretary Arsenio M. Balisacan.
During a comprehensive briefing with the Senate Committee on Finance on August 15, 2023, Secretary Balisacan emphasized the government's determination to combat inflation effectively. He cited encouraging statistics, revealing a consistent decline in overall inflation since February 2023, driven by the moderation of both food and non-food inflation rates.
Despite a modest 5.3-percent growth in the Philippine economy during the first half of the year, Secretary Balisacan highlighted several lingering risks that could exacerbate inflation and erode the purchasing power of citizens. These risks demand targeted interventions to sustain economic growth and stability.
Secretary Balisacan underlined that household consumption remained a pivotal driver of economic growth during the first half of 2023, displaying a 6.0-percent expansion. He expressed confidence in the economic team's strategies, focusing on both supply-side interventions and demand-side management to maintain the downward trajectory of inflation.
The government's commitment to enhancing food security and reducing transportation, logistics, and energy costs is a significant component of the proposed budget. By addressing these core concerns, authorities aim to bolster the financial resilience of Filipino families.
Additionally, Secretary Balisacan provided an optimistic outlook for the Philippine economy's second semester performance. He projected a growth rate of at least 6.6 percent, with the intention of achieving the annual growth target ranging from 6.0 to 7.0 percent. He emphasized that the government's plans to allocate previously unused resources from the first semester would contribute to the projected growth.
Balisacan stressed the anticipated benefits of a more stabilized inflation rate. He expressed optimism that this trend would stimulate consumer demand, invigorate investment activities, and foster a robust economic environment in the Philippines.
During a comprehensive briefing with the Senate Committee on Finance on August 15, 2023, Secretary Balisacan emphasized the government's determination to combat inflation effectively. He cited encouraging statistics, revealing a consistent decline in overall inflation since February 2023, driven by the moderation of both food and non-food inflation rates.
Despite a modest 5.3-percent growth in the Philippine economy during the first half of the year, Secretary Balisacan highlighted several lingering risks that could exacerbate inflation and erode the purchasing power of citizens. These risks demand targeted interventions to sustain economic growth and stability.
Secretary Balisacan underlined that household consumption remained a pivotal driver of economic growth during the first half of 2023, displaying a 6.0-percent expansion. He expressed confidence in the economic team's strategies, focusing on both supply-side interventions and demand-side management to maintain the downward trajectory of inflation.
The government's commitment to enhancing food security and reducing transportation, logistics, and energy costs is a significant component of the proposed budget. By addressing these core concerns, authorities aim to bolster the financial resilience of Filipino families.
Additionally, Secretary Balisacan provided an optimistic outlook for the Philippine economy's second semester performance. He projected a growth rate of at least 6.6 percent, with the intention of achieving the annual growth target ranging from 6.0 to 7.0 percent. He emphasized that the government's plans to allocate previously unused resources from the first semester would contribute to the projected growth.
Balisacan stressed the anticipated benefits of a more stabilized inflation rate. He expressed optimism that this trend would stimulate consumer demand, invigorate investment activities, and foster a robust economic environment in the Philippines.
Aug 16, 2023
