#Development Budget Coordination Committee (DBCC)

[carlocarrasco]

DBCC adjusts Philippines GDP growth targets for 2024 to 2028

Recently the Development Budget Coordination Committee (DBCC) adjusted its economic growth targets for the Philippines covering the next few years in relation to varied factors, according to a BusinessWorld news report. To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface… THE Development Budget Coordination Committee (DBCC) on…

[rhk111sblog]

The Development Budget Coordination Committee (DBCC) of the Philippine Government recently revised its Target for the Growth Rate of the Gross Domestic Product (GDP) of the Philippines for 2024 from the previous 6 to 7 percent to down to 6 to 6.5 percent.

The DBCC said that this is due to more uncertain Economic Environment in the Philippines and abroad. The same Organization also revised the Philippines' GDP Growth Rate for 2025 from 6.5 to 7.5 percent to 6 to 8 percent.

Additional Note from me: The DBCC is composed of six Departments within the Philippine Government which, among other Things, also reviews and approves the Macroeconomic Targets of the Philippines like the GDP Growth Rate.

Here is the Link to the Article at the “Xinhua News Agency” Website: http://www.chinaview.cn/asiapacific/20241202/84fb67598a2f4b93a370cce4d7455ba2/c.html

SOURCE: Philippine Economic Team lowers GDP Target Range for 2024 {Archived Link}

[snugsodium]

The Time is Now: Philippines, the Best Place to Invest

Philippines: Bouncing back after the pandemic

The worldwide spread of the Covid-19 pandemic was devastating for everyone. Many lives were put on hold and business opportunities were postponed. Moreover, as the Philippines is a developing country, Filipinos faced massive difficulty since the country relies on exports business opportunities and tourism. However, after the dreadful events caused by the pandemic, the Philippines is rising back to a good start this year as it is projected that the year 2023 is off for an optimistic forecast.

Health experts are affirmative that the pandemic will surely meet its endemic state in the near future. According to the article written by Nicanor Austriaco via Inquirer.net last 2022, several worldwide scientific experts have hypothesized that COVID-19 will become endemic once a large enough proportion of the population has contracted the virus a few times. This assertion results from the finding that naturally acquired immunity seem to endure longer than vaccine-induced immunity, which deteriorates more quickly. They argue that while today's societies are already sufficiently protected from COVID-19 by vaccination, the public shouldn't be particularly concerned about the continuous spread of mild variants because these mild instances will actually hasten the shift to endemic COVID-19. In support of this claim, an infectious disease health professional, Dr. Rontgene Solante mentioned that the Philippines is already close to making the switch from a pandemic to an endemic stage of the coronavirus sickness.

These predictions are evident at the beginning of the year 2023, as the continuous recovery of business activities can be dominantly observed. Moreover, tourism is leading to a fast recovery as well since the lifting of the travel ban has been implemented.

The claims and forecasts of economic experts sealed the deal to finally declare that the Philippines has officially bounced back from the tragedy of the pandemic. The "worst is over," according to Finance Secretary Benjamin E. Diokno, and there are many reasons to be positive this year. Despite being a threat, the pandemic is essentially a thing of the past thanks to easily accessible vaccines. Furthermore, according to the Development Budget Coordination Committee (DBCC), this year's domestic economy would expand by 6-7 percent. Even among peers in the area, this growth rate is still among the greatest, if not the highest.

https://www.crownasia.com.ph/news-and-blogs/lifestyle-blogs/selected/the-time-is-now-philippines-the-best-place-to-invest

[smrbhagare97]

Weighing financial benefits against social risks

Weighing financial benefits against social risks

FINANCE Secretary Benjamin Diokno has expressed his desire to discontinue the activities of Philippine Offshore Gaming Operator (POGO) companies due to the social cost associated with the industry. He said the country would incur a bad reputation for continuing to host the POGO firms during the recent Senate briefing by the Development Budget Coordination Committee (DBCC) on the proposed 2023…

[trendingph]

DBCC lowers 2021 growth target amid new lockdown The interagency Development Budget Coordination Committee on Wednesday downgraded the 2021 gross domestic product growth forecast by two percentage points, from the previous range of 6 percent to 7 percent to a band of 4 percent to 5 percent, amid t... https://trendingph.net/dbcc-lowers-2021-growth-target-amid-new-lockdown/?feed_id=336632&_unique_id=611d0034d2b33 #dbcc #growth #lockdown #lowers #philippinenews #philippinesnews #target #trendingph

[hummingzone]

Economic managers back military pension reform - BusinessWorld

Economic managers back military pension reform – BusinessWorld

GOVERNMENT economic managers backed a proposal to reform the pension system for the military and police to prevent its collapse and ease fiscal burden. In a statement, the Development Budget Coordination Committee (DBCC) said reforms would ensure a better framework for the pension system that could ease the pressure on state funds amid a coronavirus pandemic. “Without funding sources to support…

[phgq]

NEDA sees PH surpassing 6.5%-7.5% growth target in 2022

#PHnews: NEDA sees PH surpassing 6.5%-7.5% growth target in 2022

MANILA – The National Economic and Development Authority (NEDA) is keeping its growth target of 6.5 percent to 7.5 percent this year but sees the economy maintaining such growth next year taking into account the short and medium-term impacts of the coronavirus disease 2019 (Covid-19) pandemic.

Next year’s gross domestic product (GDP) target set under the updated Philippine Development Plan (PDP) is lower than the 8 to 10-percent growth forecast announced by the Development Budget Coordination Committee (DBCC) last year.

In a virtual press briefing on the release of the updated PDP 2017-2022, NEDA Undersecretary Rosemarie Edillon said economic managers are optimistic about exceeding next year’s growth target under the updated plan.

“We think that we can actually surpass that target. We have come up with this target early on as we were updating the PDP. But given recent developments, we at the DBCC, we are setting for ourselves a higher target and we think… we can grow much faster than the original PDP,” she said.

Under the updated PDP, the NEDA also kept the 7 to 9-percent target for the unemployment rate for this and next year, while revised its poverty incidence target to 15.5 percent to 17.5 percent from the original 13 to 15 percent.

“Unemployment rate we know that there has been a sustained improvement from 2017 to 2019 but then again due to the pandemic, there was an increase in the unemployment rate. Furthermore, while we expect the gradual recovery beginning late 2020 and then in 2021, we also are cognizant that there will be a substantial increase in the labor force in 2022 as the first batch of the K-12 graduates will be graduating from College and are expected to join the labor force,” Edillon said.

Socioeconomic Planning Secretary Karl Kendrick Chua said the huge additional supply of workers next year explains why the unemployment would “temporarily” be higher.

“(This is) not only due to the effects of the pandemic which we expect to improve by that time but also due to the additional temporary increase in the labor force. But after that year, we will see the economy adjusting,” he said.

Edillon said about 2.4 million to 2.8 million jobs are expected to be created this year, and then between 1 million to 1.2 million jobs in 2022.

“We are already thinking of having more of these retraining and retooling programs and even more scholarships in order to increase the employability of graduates and even the labor force,” she added.

Meanwhile, the NEDA likewise maintained the 2 to 4-percent target for inflation for 2021 and 2022.

The country’s inflation rate averaged 2.6 percent in 2020. (PNA)

***

References:

* Philippine News Agency. "NEDA sees PH surpassing 6.5%-7.5% growth target in 2022." Philippine News Agency. https://www.pna.gov.ph/articles/1129673 (accessed February 05, 2021 at 02:35AM UTC+14).

* Philippine News Agency. "NEDA sees PH surpassing 6.5%-7.5% growth target in 2022." Archive Today. https://archive.ph/?run=1&url=https://www.pna.gov.ph/articles/1129673 (archived).

[nicoledelosreyes1997]

Under the Development Budget Coordination Committee (DBCC) medium-term program, the national government is planning a gradual reduction of its budget deficit ceiling from 8.1 percent this year, to six percent next year and ultimately, five percent in 2022.

[carlocarrasco]

Philippines achieved double-digit tax collection growth in first 9 months of 2024

Recently the Department of Finance (DOF) announced that the Philippines achieved double-digit growth in the January-September stretch of 2024, according to a Manila Bulletin business news report. To put things in perspective, posted below is an excerpt from the Manila Bulletin report. Some parts in boldface… The Department of Finance (DOF) reported that collections from the government’s two…

[krrw2020]

Global oil prices to decide oil excise tax suspension

MANILA -- A suspension of excise tax increases levied on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law is possible next year, but only if global crude prices average USD80 per barrel in the last quarter of 2018.

This was stressed by Department of Finance (DOF) Undersecretary Karl Chua on Thursday, in response to clamors for the government to suspend the implementation of higher oil excise tax rates given the continued increases in domestic oil prices.

Reports indicate that as of Wednesday, oil prices in the international market has already risen to USD86 per barrel. Oil market analysts predict that it may further rise to USD100 per barrel before yearend, if geo-political tensions in the Middle East do not abate.

He explained that if prices of oil in the international market average USD80 per barrel in the next three months, there is a possibility that the second tranche of excise tax hike for this commodity will be suspended. “(It) will be suspended (but) we’ll see if its averaging USD80 (per barrel) in the next three months,” he said.

Under the TRAIN Law, which took effect at the start of this year, excise tax on diesel will be PHP2.50 per liter in 2018 and will increase to PHP4.50 per liter in 2019, and finally PHP6 per liter in 2020.

Excise tax on gasoline was increased to PHP7 per liter this year from PHP4.35 per liter previously. For 2019 and 2020, the rates will be at PHP9 per liter and PHP10 per liter, respectively.

Government officials have repeatedly pointed out that the main reason for the continued uptick in local pump prices is the sustained increase in world crude prices and not because of TRAIN. The soaring price of oil is also mostly to blame for pushing the inflation rate beyond the government’s two to four percent target until 2020, they said.

Global oil prices have risen from around USD60 per barrel last year due to supply concerns due to the impending US sanctions on Iran’s crude export, among other factors.

Chua also pointed out that if ever the suspension will be made, it will not be forever. “It’s like a class suspension, it’s not forever. When things go better it resumes,” he said.

The Finance department official said the timeline for the suspension and resumption of the higher fuel excise tax rates will be discussed by those formulating TRAIN’s implementing rules and regulations (IRR).

In terms of the impact on government revenues of suspension of any provisions of the TRAIN law, Chua said this will still be studied. He, however, noted that any decline in revenues due to the possible suspension of oil excise tax hike will be countered by the value added tax (VAT). He declined to give any figure although he said that “it (VAT) might offset part of it.”

Chua said economic managers are set to review the impact of the latest developments on government revenues and on the real economy during the meeting of the inter-agency Development Budget Coordination Committee (DBCC), which is scheduled on October 16. “We will have to review the assumptions,” he added. (PNA)

[thebuweeklyjournal-blog]

EDITORIAL

False Confidence

For the present administration, finding the country in dire straits under its rule must’ve been a tough pill to swallow, so it sought refuge from all the ire by entering a state of denial.

As it seems, the government is struggling to acknowledge the stark reality that the Filipinos are bearing the weight of the soaring prices of commodities in the market, a consequence of the inflation rates recently hitting a historic high.

Despite the looming economic trouble, the administration has remained steadfast in assuring the public that there’s absolutely no reason to worry. However reassuring, such false confidence can be misleading.

Presidential Spokesman Harry Roque in a press conference last September 7 said that the August 6.4% inflation rate is “nothing to be worried about,” and added that it isn’t “ridiculously high” as compared to past records, according to a report from Rappler.com.

He identified the limited supply of essential goods and its failure to meet the strong demand as the cause of the high inflation rates.

Similarly, in a report from Manila Bulletin last September 14, two of President Rodrigo Duterte’s economic managers said that the country is “not in a major crisis” and that the inflation level is only slightly above their target.

Like Roque, Finance Secretary Carlos Dominguez III and Budget Secretary Benjamin Diokno both said that the high inflation rate should not panic the public, likewise citing that the country had even higher rates in the past administrations.

While it is true that there have been much higher inflation rates recorded in the past,it is important to note that the inflation level is evaluated according to the inflation targets set and publicly announced by the Development Budget and Coordination Committee (DBCC).

For this year, the DBCC has set the inflation target from 2-4%.

Comparing the inflation rates in the past administrations with those at the present time can be best considered a coping mechanism intended to downplay the significant increase in the August inflation rates. Such a practice is not only irrational but also deceiving.

It gives the impression that the recent increase in inflation rates is insignificant, and dupes people into thinking it’s not a cause for alarm.

Still according to the same report, Dominguez said that the inflation may be a “serious problem to some people” but not a major crisis for the nation.

Truly, there are people who are affected by inflation-induced price changes far more than others. For instance, higher prices of commodities may be most detrimental to low-income workers, especially those with stagnant salaries.

But as the saying goes, one does not shed tears until he sees the coffin. The privileged will not understand what difference a measly increase in the inflation percentage may make in the lives of the poor.

The possibility of the inflation escalating into a bigger economic debacle should not, however, be ruled out. People generally assume that inflation is an indicator of an economic growth. While it does perform a role in it, it is not necessarily the case.

Ideally, this administration should drop the unnecessary pretense and instead focus on addressing the country’s economic issues, particularly the rising inflation rate.

There is no sense nor a need to mask something so tangible. It is here and it is obvious. In order to curb the rising inflation, this administration must do away with finger-pointing, give priority to the country’s economy, and implement the necessary economic policies.

[kmwol]

Marawi rehab, FOI, nat’l ID bills in Samar solon’s priorities

Rep. Edgar Mary Sarmiento (photo courtesy of JSW) SAMAR Rep. Edgar Mary Sarmiento said Sunday he will support bills on funding the rehabilitation of Marawi, Freedom of Information (FOI), and national ID during the Second Regular Session of Congress. “I hope the Development Budget Coordination Committee (DBCC) has greatly considered the rehabilitation needs for Marawi […]

Read full post at: http://ift.tt/2gVirYA

[carlocarrasco]

DBCC revises Philippine economic growth targets for 2024 and 2025

As far as the Development Budget Coordination Committee (DBCC) is concerned, current domestic and global developments justified their recent revision of economic growth targets for the Philippines in 2024 and 2025, according to a Philippine News Agency (PNA) news article. To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface… The Development…

[carlocarrasco]

National economic managers expect government collections to exceed 2023 revenue target

Even though it looks like that economic growth for the Philippines this year will end up short of 7%, the economic managers of the Marcos administration expect revenue collections to exceed the target for 2023, according to a GMA Network news report. To put things in perspective, posted below is an excerpt from the GMA Network news report. Some parts in boldface… The economic managers of the…

[flippinflipnews]

Palace says fare hike petitions under review by LTFRB

Palace says fare hike petitions under review by LTFRB

MANILA – The petitions for fare hike filed by the public utility jeepney drivers and operators amid the soaring fuel prices is now being deliberated, Malacañang said Monday.

Cabinet Secretary Karlo Nograles, also acting presidential spokesperson, said a series of hearings will be conducted on the petitions filed in the Land Transportation Franchising and Regulatory Board (LTFRB).

"May mekanismo naman po tayo tungkol diyan, in that—kung magkakaroon ba ng ganiyang mga options (We already have mechanisms on that, if we will have that kind of options), it will have to begin with the recommendation from the Department of Finance," Nograles said in a press briefing.

Nograles said the series of consultations, dialogues, and results of the ongoing studies of the Development Budget Coordination Committee (DBCC), will be the basis of the recommendation, which will soon be presented to President Rodrigo Roa Duterte.

"Let’s take it from there, so iyan po iyong proseso na susundin natin (that's the process that we need to follow)," he added.

The Federation of Jeepney Operators and Drivers Associations of the Philippines (FEJODAP) is reportedly asking the government to increase the minimum fare in jeepneys by PHP5.

"Given recent developments, the government remains ready to provide targeted relief assistance and support to address the impact of the oil price hike for affected sectors, especially Public Utility Vehicle (PUV) drivers, farmers, and fisherfolk," it said in a news release.

Based on the assessment of Bangko Sentral ng Pilipinas’ (BSP) as of Feb. 17, the Dubai crude oil price for this year is projected to average at USD 83.3 per barrel, but it is expected to decelerate to USD 79.0 by the end of this year, according to the latest oil futures.

The government is already preparing to release PHP2.5 billion to assist the transport sector under the Fuel Subsidy Program of the Department of Transportation.

The Department of Agriculture (DA) has also set aside PHP500 million budget to provide assistance through fuel discounts to farmers and fisherfolk. (PNA)

#FlippinFlipNews

[trendingph]

DBCC to review economic goals after strong Q2 data The interagency Development Budget Coordinating Committee will meet Wednesday to revisit its macroeconomic assumptions after the economy expanded 11.8 percent in the second quarter, the fastest in over three decades, Finance Secretary Carlos Domingu... https://trendingph.net/dbcc-to-review-economic-goals-after-strong-q2-data/?feed_id=335444&_unique_id=611bcd485ad8a #data #dbcc #economic #goals #philippinenews #philippinesnews #review #strong #trendingph