MANILA, Philippines—The Department of Budget and Management (DBM) has ordered agencies to refocus their cash-based budgets for 2022 on programs and projects of national importance.
The order came amid tighter fiscal space due to foregone revenues from measures to help businesses fight the pandemic plus the bigger budgets for local governments in 2022 when the implementation of the Supreme Court’s Mandanas ruling goes on full swing.
Budget Secretary Wendel Avisado said in National Budget Memorandum No. 141 issued on June 15 that at least P139.5 billion in revenue loss was expected in 2021 from implementation of the newly enacted Corporate Recovery and Tax Incentives for Enterprise…
Keep on reading: DBM tells agencies to focus on national projects as higher LGU funding looms