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Budget Framework

This presentation outlines the FY2004 Budget Framework, including the Medium-Term Fiscal Program and Proposed Budget. It covers key aspects such as fiscal planning, revenue and tax efforts, expenditure measures, and the fiscal position for 2003-2004. The document highlights the conservative projections, proposed budget allocations, and measures for debt reduction and fiscal responsibility. It emphasizes the need for ongoing project review and rationalization to accommodate new initiatives. The Policy Framework focuses on debt reduction, resource allocation for government commitments, and public sector reforms.

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Budget Framework

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  1. Budget Framework FY2004 Budget Forum 7-9 May 2003 Department of Budget and Management

  2. Outline of Presentation • Medium Term Fiscal Program • Proposed 2004 Budget Fiscal Planning Bureau

  3. Medium Term Fiscal Program Fiscal Planning Bureau

  4. Revised Macroeconomic Targets * Estimates of GDP growth rates (low-end) and inflation rates (mid-point) were based on DBCC-approved levels. Fiscal Planning Bureau

  5. NG deficit (as % of GDP) Fiscal Planning Bureau

  6. Medium term Fiscal Program(as % of GDP) • Conservative projections • No legislative measures; only existing administrative measures Fiscal Planning Bureau

  7. Revenue and Tax Effort(% of GDP) Fiscal Planning Bureau

  8. Non-Tax Revenues(percent distribution) • Less dependence on privatization; P1 B in 2003-04, P0.5 B in 2005-09 Fiscal Planning Bureau

  9. Expenditure by recipient entity(percent distribution) Average growth rate: % NGAs (0.04) GOCCs (5.2) LGUs 8.8 Creditors 5.8 Fiscal Planning Bureau

  10. Implications • only ongoing projects could be accommodated until 2009 • no new projects until 2009 • change in project duration • need to review/rationalize all PAPs to free up resources to accommodate new projects Fiscal Planning Bureau

  11. Expenditure Measures • Review of all existing programs for restructuring/ streamlining • Imposition of a moratorium on the approval of all projects both locally funded and foreign assisted, unless savings are derived elsewhere • Rationalization of the cash management system through the Electronic Linkage Project • Measures like additional privatization proceeds shall be used to retire debt • Legislation of the debt cap and fiscal responsibility bills Fiscal Planning Bureau

  12. Proposed 2004 Budget Fiscal Planning Bureau

  13. Fiscal Position, 2003-2004(in billion pesos) Particulars 2004 2003 Revenues 584.1 634.2Disbursements 786.1 832.0 Deficit (202.0) (197.8) Percent of GDPRevenues 13.5 13.5Disbursements 18.2 17.7 Deficit (4.7) (4.2) Fiscal Planning Bureau

  14. Proposed 2004 % Inc/Dec 2003-2004 2003 3.3% P804.0 B P830.3 B In billion pesos 20032004Inc/Dec IRA 141.0 152.4 11.4 IP 223.2 268.6 45.4 Others* 439.8 409.3 (30.5) *includes NG agencies Size of the Budget Fiscal Planning Bureau

  15. Policy Framework • Debt reduction strategy • Focus resources on the realization of the SONA commitments and supporting the eight-point program of the government • Pursuit of public sector reforms --procurement reforms, public sector institutional strengthening • Implementation of the OPIF and SEER to enhance results orientation and improve service delivery Fiscal Planning Bureau

  16. Thank you . . . Budget Framework Fiscal Planning Bureau

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