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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

Budget Framework

FY2004 Budget Forum

7-9 May 2003

Department of Budget and Management

outline of presentation
Outline of Presentation
  • Medium Term Fiscal Program
  • Proposed 2004 Budget

Fiscal Planning Bureau

medium term fiscal program
Medium Term Fiscal Program

Fiscal Planning Bureau

revised macroeconomic targets
Revised Macroeconomic Targets

* Estimates of GDP growth rates (low-end) and inflation rates (mid-point) were based on DBCC-approved levels.

Fiscal Planning Bureau

slide5

NG deficit

(as % of GDP)

Fiscal Planning Bureau

medium term fiscal program as of gdp
Medium term Fiscal Program(as % of GDP)
  • Conservative projections
  • No legislative measures; only existing administrative measures

Fiscal Planning Bureau

revenue and tax effort of gdp
Revenue and Tax Effort(% of GDP)

Fiscal Planning Bureau

non tax revenues percent distribution
Non-Tax Revenues(percent distribution)
  • Less dependence on privatization; P1 B in 2003-04, P0.5 B in 2005-09

Fiscal Planning Bureau

expenditure by recipient entity percent distribution
Expenditure by recipient entity(percent distribution)

Average growth rate: %

NGAs (0.04)

GOCCs (5.2)

LGUs 8.8

Creditors 5.8

Fiscal Planning Bureau

implications
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

slide11

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

proposed 2004 budget
Proposed 2004 Budget

Fiscal Planning Bureau

fiscal position 2003 2004 in billion pesos
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

size of the budget

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

policy framework
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

thank you
Thank you . . .

Budget Framework

Fiscal Planning Bureau