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Committee (DBCC) met on Monday before their presentation of economic assumptions today at the hearing of the House Credits Committee on the draft national budget of P3.757 -Trillion 2019.
Budget Secretary Benjamin E. Diokno said the managers agreed that the executive will file a motion for reconsideration (MR). "" Yung decision namin is to file an MR, "Diokno told reporters after the meeting.
Asked if the government would maintain its budget deficit ceiling this year at three percent of gross domestic product (GDP) despite the high court's decision, Mr. Diokno replied: " Sinabi naman namin na hindi naman negotiable yun (We agreed that this level is non-negotiable). "
" We are determined to … we can do it below three percent and at the same time without sacrificing the "Build, Construct, Build" and the social, we will do it. "
The High Court's decision of July 23 added tax recoveries from the customs office to allowances annual local government revenue, which included only the recoveries from the Office of Internal Revenue up here.
The head of the budget said that the government of about 160 billion P1 plus and economic managers had first warned that the implementation of the decision could drive up the budget deficit until 39. at six per cent of GDP.
One way to keep the budget deficit intact would be to delegate certain functions, such as conditional cash transfers, at the same time, said Mr. Diokno, to ensure that revenue collections meet or exceed the targets. will help too.
" Halimbawa (for example), we are ahead of eight percent his target of turnover (in the) first half. So , kung ganon, hindi namin mahihit "yung (it could be that we did not even reach the budget deficit.) In fact, ganon nangyari l & rsquo; Last year Our target was three percent (of GDP), ang lumabas (the actual budget gap hit only) 2.2% lang , asked Diokno
the revenue growth would be sustained towards the end of the year, he replied: "Most likely above the target kami ." [19659003MrDioknostatedthattheGovernmentwillseekclarificationonthetaxesthatwouldbecoveredinhisrequestforreconsideration
"We want to clarify what are the specific taxes that are are actually covered. Kasi meron doon included and excluded. But there are some taxes katulad ng lahat ng nakokolekta sa mga ecozones (like those collected in economic zones). Na- estimate din namin P40 billion yon . Is it BIR? Is it national? So hindi namin alam (We do not know how these collections are classified. "
Finance Secretary Carlos G. Dominguez III shared this view by saying," What we want, it's getting a clarification "
Mr. Diokno also stated that the DBCC was" ready "for the first budget deliberations in the House of Representatives scheduled for today.
It will talk about macroeconomics , as well as assumptions, "he said, noting that he expected legislators to worry about high inflation, which peaked at 5.2 percent in June, and an average of 4.3% last semester.The goal of the bank is 2 to 4% for the year 2018.
"The IMF (International Monetary Fund) said that (inflationary pressures intensified) is transient, and we will be back to 2-4%. naman 'yun eh (this is true) ", said Diokno, citing the need for Congress to approve a law that will bring back a regular tariff regime for imported rice that will lower grain retail prices by an estimated $ 7 pesos per year. kilogram, as well as for the executive to take mitigation measures for those affected by higher prices fueled by ongoing tax reform. ] "In addition, there is the demand-driven element, in fact, we put more money in the pockets of individuals: 35 billion pesos per quarter. Ang laki ng pera no (This represents a lot of money), "he added, referring to the drop in personal income tax rates according to the Republic's Law No. 10963 19659004] The DBCC forecasts an average inflation of 4-4.5% this year and 2-4% in 2019. – Elijah Joseph C. Tubayan
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