MANIFESTATION OF SUPPORT OF SENATOR LOREN LEGARDA
ON THE 2023 PROPOSED NATIONAL EXPENDITURE PROGRAM
September 14, 2022

I would like to manifest my support for the 2023 Proposed National Expenditure Program or the President's budget.

I believe in the rationale presented by the Department of Budget & Management in the National Expenditure Program turned over to Congress last August 22 and explained further in the President's Budget Message, with the theme Agenda for Prosperity: Economic Transformation Towards Inclusivity and Sustainability.

I have read and studied both the President's Budget Message and the National Expenditure Program. I appreciate that the National Budget, for the first time, is anchored on the Medium Term Fiscal Framework - which our Chair so ably, comprehensively defended on the Floor - and the 8-Point Socioeconomic Agenda that serve as the roadmap for economic transformation that the present administration seeks to achieve.

I am one with our economic managers in seeking to achieve the goals of 6.5 to 8% real GDP growth annually between 2023 and 2028, 9% or single digit poverty rate by 2028 - I hope we can bring it sooner and lower; pagtulungan po natin - 3% National Government (NG) deficit to GDP rate by 2028, less than 60% NG debt-to-GDP ratio by 2025, and the ultimate attainment of upper middle income status for Filipinos as presented by our economic team led by Secretary Diokno.

After a thorough perusal of the budget, at least in the macro sense, I believe and it is clear to me that it is structured towards the attainment of the goals that you have so aptly set.

As such, I believe it is important for us to support these efforts towards economic transformation, inclusivity and sustainability. Therefore, I will not ask any question, Mr. Chair, I have no objections to the 2023 National Expenditure Program in so far as the macro-economic assumptions are concerned, but of course, I will be present in every and each agency's hearing and posit questions to help the Chair.

Thank you very much. We appreciate the presence and the very comprehensive presentation of our economic team. Thank you very much, Mr. Chair.