THE Department of Budget and Management (DBM) plans to submit the proposed P4.506-trillion budget for 2021 to the Office of the President this week, keeping it on track to meet the August deadline.
“We are looking at submitting to or taking up with the President the FY (fiscal year) 2021 proposed budget within the week,” Budget Assistant Secretary Rolando U. Toledo said via Viber Tuesday.
The DBM proposal needs to be cleared with the Cabinet before it is submitted to Congress, Budget Undersecretary Laura B. Pascua also said in a Viber message.
Mr. Toledo said the department is currently finalizing the budget paperwork.
He said they target to transmit it to Congress by next month, or before their constitutional deadline on Aug. 26, which is 30 days after the State of the Nation Address on Monday, July 27.
Next year’s proposed budget is higher than 2020’s P4.1-trillion spending plan, and was raised by 3.9% from an earlier draft proposal.
Ms. Pascua has said the Development Budget Coordination Committee (DBCC) has cleared the P4.506-trillion budget on July 16.
The DBCC expects the economy to rebound to growth of 8-9% next year, coming off a low base because of an estimated 2-3% contraction this year.
The budget is being positioned to facilitate economic recovery, supporting pandemic-affected sectors and the infrastructure sector to stimulate growth. — Beatrice M. Laforga