A pro-poor, inclusive national budget
A recent World Bank study said the world will teeter on the brink of a 2023 recession as central banks worldwide hike interest rates to curb inflation.
Social protection remains at the heart of the Marcos administration's 'prosperity agenda' for 2023 and onwards. The government is ramping up efforts to insulate the poor and marginalized from the debilitating impacts of global inflation. That as much as possible, there will be no Filipino left behind in the country's quest for inclusive and sustainable economic growth.
None is more evident than the proposed national budget for the next fiscal year, which appropriated P206.5 billion in ayuda (subsidies and cash assistance) for the country's most vulnerable sectors.
I am glad that the government is duty-bound to protect our countrymen from the escalating cost of living, particularly the prices of essentials. Even the cost of relief items for calamity victims has increased. A recent World Bank study said the world will teeter on the brink of a 2023 recession as central banks worldwide hike interest rates to curb inflation.
In October, our inflation rate hit 7.7 percent. As the purchasing power of our currency decreases, it exposes low-income families along with the unemployed, the sick, the disabled, senior citizens, children, and women to great risks.
Increase assistance to the poor and marginalized
It is good news that subsidies are allotted for the social welfare, health, transportation, and agriculture sectors. According to the Office of the Press Secretary, P165 billion is earmarked for the Department of Social Welfare and Development programs. It includes funding for the 4Ps (Pantawid Pamilyang Pilipino Program), which grants cash transfers to impoverished households to meet their basic needs.
The Department of Health's MAIFIP (Medical Assistance to Indigent and Financially-Incapacitated Patients) stands to receive P22.3 billion. At the same time, the Department of Labor's TUPAD (Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers) will get P14.5 billion. As regards fuel subsidies, the Department of Transportation and the Department of Agriculture will be provided P2.5 billion and P1 billion, respectively.