DBM pegs P3.4-T nat'l budget for 2019

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Metro Manila (CNN Philippines, January 11) — The Department of Budget and Management (DBM) said the Development Budget Coordination Committee had approved a P3.4 trillion national budget for 2019.

In a statement released on Wednesday, DBM said the budget will cover the government's revenue target of P3.134 trillion, or 16.2 percent of the country's gross domestic project.

A disbursement target of P3.708 trillion, or 19.2 percent of the GDP, was also projected.

The projected deficit will be sustained at P574.5 billion, or three percent of the GDP.

The P3.4 trillion 2019 budget is lower than the P3.77 trillion general appropriations act approved for 2018, which is the biggest national budget so far.

DBM said national government agencies will discuss budget-related issues and concerns on January 17, in preparation for their budget proposals.

Budget proposals are expected to be submitted by mid-April.

The 2019 President's Budget will then be submitted to Congress on July 23, 2018, which is the same day as President Rodrigo Duterte's State of the Nation Address.

DBM added the 2019 budget will be cash-based, meaning agencies "can only incur contractual obligations and disburse payments for goods delivered and services rendered and inspected within the fiscal year, with an extended payment period of three months."

This system will force agencies to submit budget proposals that would reflect payments to be delivered for 2019, which would promote more accountability on government programs.