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Budget Framework

Budget Framework. FY2004 Budget Forum 7-9 May 2003. Department of Budget and Management. Outline of Presentation. Medium Term Fiscal Program Proposed 2004 Budget. Medium Term Fiscal Program. Revised Macroeconomic Targets.

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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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