The Department of Budget and Management (DBM) has ordered agencies to refocus their cash-based budgets for next year on programs and projects of national importance.
The call was made in view of a tightening fiscal space due to foregone revenues arising from measures to aid businesses’ fight against the pandemic and the bigger budgets to be allocated to local government units (LGUs) with the prospective implementation of the Supreme Court’s Mandanas ruling. In National Budget Memorandum No. 141 issued on June 15, Budget Secretary Wendel Avisado said the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and the Financial Institutions Strategic Transfer (FIST) laws, plus th…
Keep on reading: Gov’t agencies told to refocus funds on national programs, leave rest to LGUs