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Philippine lawmakers ratify 2023 budget bill

06 Dec 2022, 02:05 GMT+10

MANILA, Dec. 5 (Xinhua) -- The Philippine Senate and House of Representatives on Monday ratified the proposed 5.268 trillion pesos (about 94 billion U.S. dollars) national budget for 2023, 4.9 percent higher than the 2022 budget.

The senators and members of the House of Representatives ratified the bill hours after the bicameral conference committee approved it.

The highest-ever budget focuses on the education sector, infrastructure, health, agriculture, and social welfare development to sustain the Southeast Asian country's growth momentum. The details of the appropriations have yet to be made public.

The ratification by the two legislative chambers paves the way for the transmittal of the bill to Philippine President Ferdinand Romualdez Marcos for signing.

Budget Secretary Amenah Pangandaman described the 2023 budget as "proactive and resilient, designed to withstand future risks, challenges, and shocks."

The Marcos administration aims to achieve 6 percent to 7 percent real gross domestic product growth in 2023. It expects inflation to hover around 2.5 percent to 4.5 percent in 2023.

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