Govt boosts project spending as growth slows

Balancing the books: Serame's proposed budget carries a P7.6 billion deficit and continues a string of shortfalls seen in recent years PIC: PHATSIMO KAPENG
Balancing the books: Serame's proposed budget carries a P7.6 billion deficit and continues a string of shortfalls seen in recent years PIC: PHATSIMO KAPENG

The Finance Ministry is proposing a development budget of P21 billion for the 2023-24 financial year, P6.3 billion more than it had originally planned last September, in order to maintain the country’s growth momentum.

The economy rebounded strongly after the 2020 COVID-19 shock, recording 11.8 percent growth in 2021-22 and a higher than expected 6.7 percent for 2022-23. However, the continued recovery is threatened by the possibility of a slowdown in the global economy, a fact acknowledged by the Finance Ministry which expects the key mining sector to shrink by 0.1 percent in the 2023.

Growth in 2023-24 is forecast at four percent, before rising to 5.1 percent in 2024-25. Both figures are below the 5.7 percent level required to reach high income status by 2036.

Editor's Comment
BDP primaries leave a lot to be desired

The BDP as a party known to have ample resources has always held its primaries well in time, but this time around that was not the case. The first leg of the primaries was held last weekend, with the final leg being billed for the coming weekend. This time around, the BDP failed to shine in its primary elections. The elections were chaotic; most if not all polling stations didn't open at the specified time of 6am. Loyal BDP members braved the...

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