Economic team engages civil society for more transparent, inclusive DBCC process

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FOR the first time ever, the Philippine economic team engaged members of civil society organizations (CSOs) in a productive dialogue on May 21, 2025 to refine the Development Budget Coordination Committee (DBCC) process — n line with President Ferdinand Marcos Jr's directive to make it more transparent, inclusive and reflective of the concerns of various stakeholders.

IMAGE FROM DOF

Chaired by the Department of Budget and Management (DBM), the DBCC is composed of the Department of Finance (DOF), the Department of Economy, Planning and Development (DEPDev), and the Office of the President (OP), with the Bangko Sentral ng Pilipinas (BSP) also participating to ensure coherence across the real, fiscal, monetary, and external sectors.

The DBCC is primarily responsible for reviewing and approving the government's macroeconomic targets, revenue projections, borrowing levels, overall budget ceiling, and expenditure priorities.

It recommends to the Cabinet and the President the consolidated public sector financial position and the national fiscal program.

Organized by the DBM in collaboration with its Budget Policy and Strategy (BPS) Group and the Philippine Open Government Partnership (PH-OGP), the landmark event, "Macroeconomic Insights for National Action: An Economic Dialogue with Civil Society," aims to strengthen participatory governance and provide a platform for meaningful engagement between civil society and key policymakers.

Around 15 CSOs attended the event to share their feedback and policy recommendations, and explore diverse perspectives on emerging economic challenges.

DBM Secretary and DBCC Chair Amenah Pangandaman, DOF Undersecretary and Chief Economist Domini Velasquez, BSP Deputy Governor Zeno Abenoja, DBM Principal Economist and Undersecretary Joselito Basilio and DBM Assistant Secretary Romeo Matthew Balanquit served as panelists during the event.

Basilio opened the session with an overview of the DBCC's structure and processes.

Pangandaman followed with a keynote that underscored the significance of CSO engagement in the budget cycle and emphasized the administration's push for budget reforms that prioritize openness and accountability.

Velasquez highlighted DOF's critical role in securing the financial backbone of the government, noting the challenge of raising P12.72 billion in daily revenues this year to fund the P6.352 trillion national budget, of which only P4.64 trillion is supported by revenue collections.

She also highlighted that DOF is implementing a three-pronged strategy to boost revenue generation: (1) strengthening tax administration, (2) enacting key revenue reforms and (3) maximizing non-tax revenues through public-private partnerships (PPPs) and strategic privatization initiatives.

She likewise reassured CSOs that the government is on track to bring the fiscal deficit down gradually to just 3.7 percent by 2028 while still being supportive of economic growth.

On BSP's side, Abenoja presented the latest macroeconomic assumptions and monetary policy developments amid the shifting global landscape.

During the open forum, CSO participants raised timely and relevant points on tax policy, transparency in budgeting, digital transformation, and freedom of information.

Their insights and recommendations will be thoroughly considered by the DBCC in crafting macroeconomic and fiscal strategies that genuinely reflect the needs and aspirations of the Filipino people.