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  • FF2023-55: National Government Financing for 3rd Qtr 2023
    The National Government (NG) generates funds for its operations and investments from three (3) different sources: tax and non-tax revenues, borrowings, and cash balance withdrawals. While taxes provide the majority of the funds needed for public spending, the NG also borrows money from both domestic and international sources to supplement its budget.
  • FF2023-54: Fiscal Performance of ASEAN-5 Economies, 2019 to Q3 2023
    The return of economic activity after the onset of COVID-19 lockdowns has enabled the Association of South East Asian Nations-5 (ASEAN-5) to reclaim its status as one of the world’s fastest-growing regional economies. Evidence is seen from the data culled from the International Monetary Fund’s (IMF) Data Mapper, and Fiscal Monitor, which both provide countryspecific databases of key fiscal variables, public finance developments, and medium-term fiscal projections.
  • DP2023-04: Estimating the Cost of Establishing an Evacuation Center in Every City and Municipality
    The discussion paper aims to provide an estimate on the cost of implementating HB 7354 which proposes to establish an evacuation center in every city and municipality. It focuses on measuring the cost to establish an evacuation center in localities with no such center that fit the facility standard based on the DILG database. The paper made use of a sample costing of a two-story standard evacuation center from DPWH with costs updated to current prices, and later used to calculate the nationwide implementation of the proposed measure after adjustments in regional prices. Also discussed in the paper are financing options involving partnerships with the private sector and local governments to bridge the funding gap for the establishment and eventual maintenance of the facilities.
  • DP2023-03: Advancing Policy Costing: Estimating the Financial Requirements of an Expanded National Feeding Program (ENFP)
    This discussion paper presents the costing exercise for the proposed Expanded National Feeding Program (ENFP) and outlines the minimum elements in determining the financial requirements for the policy, such as the key assumptions, major expenditure items, and fiscal space. Two costing approaches, top-down and bottom-up, were employed based on current prices for the first three years of the program implementation period. A financial gap analysis is also presented to establish the feasibility of funding the intervention, projecting a three-year investment requirement for the program adjusted to inflation and at the same time identifying possible sources of financing. The paper ends with lessons learned in calculating cost estimates, highlighting the imperative to institutionalize and standardize the practice in the government to reduce unfunded mandates and ensure that policymakers understand the policy trade-offs and make better informed decisions.
  • ABN2023-29: NATIONAL ECONOMIC AND DEVELOPMENT AUTHORITY FY2024
    The Agency Budget Notes (ABN) on theNational Economic and Development Authority contributes to the making of more informed reviews and deliberation of the proposed budget of the Agency submitted to Congress. The ABN provides budget-related information on agency plans and programs, physical accomplishments and financial management of prior year’s appropriations. This publication also highlights the results of program evaluation by other research institutions, as well as the audit findings and status of compliance of agencies to recommendations of the Commission on Audit.   The ABN examines the past, current and proposed budget in terms of allocation by program/project, type of expenditure (i.e., current expenditures and capital outlay), and shares of regional offices.
  • BB2023-04: AN ANALYSIS OF THE REGIONAL ALLOCATION OF THE FY 2024 NATIONAL BUDGET
    The economic recovery of the Philippines, though showing promising signs, hangs in the balance as rising prices of electricity, essential food costs, and transportation expenses threaten to undermine the positive trajectory of our economic resurgence. The national budget is a vital instrument that will enable government to implement key program and projects to sustain post-pandemic gains and meet development targets outlined in the Philippine Development Plan (2023-2028).
  • BB2023-03: AN ANALYSIS OF THE NATIONAL GOVERNMENT EXPENDITURES FOR PERSONAL SERVICES
    Over the years (2014- 2021), the national government (NG) spends an average of 28.8% of its annual budget to personal services (PSP. With limited fiscal space to finance the flagship programs/projects of NG, it is important to examine how government spends for personal services and how else it can free up resources and strategically reallocate public funds. An analysis of the PS spending can also provide a baseline as NG embarks on rightsizing the bureaucracy and mainstreams e-governance with the digitalization of government processes. This budget brief analyzes expenditures for PS at various levels (e.g. sectoral), and discusses key issues such as dealing with unfilled positions and reforming the MUP pension system.
  • FF2023-43: 2022 BUDGET UTILIZATION
    The 2022 Statement of Appropriations, Allotments, Obligations, Disbursements and Balances (SAAODB) published by the Department of Budget and Management (DBM) reports on the budget utilization performance of national government agencies (NGAs). The SAAODB details the total available appropriations (which includes same-year budgetary adjustments), the allotments or releases, the obligated and disbursed amounts, and the unobligated allotments.
  • BVT2023: BUDGET COMPARISON TABLES 2023 Adjusted Spending Program 2024 Proposed Budget
    The national budget is one vital instrument in ensuring that development goals are achieved through programs and projects funded out of taxpayers' money. With increasing and competing demands on limited public resources, it is important that these funds are strategically allocated and managed efficiently to deliver desired outcomes.
  • PB2023-06: Continuing Reform in the Power Sector: Addressing Energy insecurity and high Prices
    More than 22 years since the passage of the Electric Power Industry Reform Act (EPIRA) or Republic Act No. 9136, the vision of an affordable, competitively-priced, and secure electricity supply has remained elusive. Energy insecurity remains a major impediment to sustainable economic growth and competitiveness, with high power prices—considered as one of the most expensive in Asia—having knock-on effects on investments, industry growth, and consumer welfare.
  • BB2023-02: AN ANALYSIS OF THE PRESIDENT'S BUDGET FOR THE FISCAL YEAR 2024
    This Analysis starts with an examination of the underlying macroeconomic assumptions and potential risks to fiscal targets, then subsequently presents the current economic conditions and macroeconomic projections from CPBRD and multilateral organizations. The analysis continues with the assessment of medium-term revenue projections, revenue performance, and ongoing tax reforms. It then highlights expected fiscal deficit, borrowing for FY 2024, and NG debt dynamics like debt-to-GDP ratio and estimated debt stabilizing primary balance. Finally, it concludes with an outline of government expenditure priorities and implications of debt-servicing requirements.
  • PB2023-05: Managing Risks in Contingent Liabilities of Government Corporations
    The National Government (NG) has long relied on both domestic and foreign borrowings to finance many of its programs and projects. The country’s outstanding NG debt includes borrowings of government-owned and -controlled corporations (GOCCs) that are NG-guaranteed. These liabilities are intended to bolster the creditworthiness of the GOCCs, facilitating their access to funding from the private sector and international markets. Although the GOCCs bear the responsibility of servicing their debts, these obligations represent contingent liabilities for the national government at any time a GOCC becomes unable to repay its debt and the advances made by NG.
  • FF2023-41: Philippine Road Network
    The country’s road network is composed of 34,352.4 kilometers (kms.) of national roads and 173,977 kms. of local roads or a total road length of 208,329.4 kms. The Department of Public Works and Highways (DPWH) is responsible for the funding, planning, design, construction, and maintenance of national roads (Executive Order No. 124, series of 1987). Meanwhile, local governments have jurisdiction over local roads based on Republic Act No. 7160. Funding is approved by the respective local councils or provincial boards after due consideration of revenue sources and Internal Revenue Allotment (IRA). Financing of local roads continues to be inadequate, hence, the need for national government intervention through the DPWH.
  • PB2023-04: Fostering Robust Policy and Regulatory Framework for more Inclusive Digital Connectivity with Satellite Technologies
    Digital connectivity continues to be a huge challenge because of the lack of access and insufficient ICT infrastructure. Some of the country’s geographical and archipelagic conditions might prove to be unattractive for corporate investments and/or are non-viable to landbased network installation. This uneven and underdeveloped digital connectivity engenders another layer of inequality, the digital divide. Addressing the insufficiency in terrestrial-based infrastructure and expanding digital connectivity across the country may be done through the adoption of satellite-based technologies.
  • FF2023-39: First Quarter 2023 NG Expenditure Performance
    The National Government (NG) posted a total expenditure of P1.09 trillion in the first quarter of 2023. This is about P11.6 billion or 1.1% lower than the expenditure for the same period last year. The NG deficit amounting to P270.9 billion is also lower by 14.5% or P46 billion, as a result of lower spending and slightly higher revenues compared to Q1 2022. Expenditures as a ratio to gross domestic product (GDP) decreased in the past two years. NG spending is 19.5% of GDP in Q1 2023.
  • DP2023-01: Impact of Regulatory Barriers on Inward FDI in the ASEAN-5: An Augmented Gravity Model Approach
    As the world recovers from the COVID-19 pandemic, attracting foreign direct investments or FDI has emerged as an important source for sustaining economic recovery in many developing countries. However, regulatory restrictions pose a challenge, limiting countries’ capacity to attract and benefit from FDI. This paper principally examines the impact of foreign restrictions on inward FDI in the ASEAN-5, namely, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Data on FDI are based on the top 20 FDI source countries. Using an augmented gravity model for the period 2010 to 2020, this paper shows that reforms aimed at liberalizing FDI equity restrictions as measured by the index, could potentially increase inward FDI. Moreover, host countries with greater geographical distance, higher corporate tax rates and inflation rates are likely to deter FDI due to increased costs for foreign investors. Larger market sizes, stronger perception that government corruption is controlled and greater quality of human capital also play significant roles in attracting FDI. By addressing regulatory barriers, particularly foreign equity restrictions and considering other factors deterring FDI, ASEAN-5 countries have the potential to substantially increase their level of inward FDI, unlock associated benefits, and accelerate their post-pandemic recovery.
  • PB2023-03: Reform Directions in Financial Sector Taxation
    Recognizing the influence of tax policies on financial development, this policy brief provides a comprehensive review of the taxation of the financial sector in the Philippines and discusses the existing issues hindering its further development. It reveals that the present taxation of the sector is characterized by complexity, lack of neutrality, and relatively high tax rates on certain financial instruments and transactions. These factors result in tax arbitrage, inefficient allocation of capital, equity concerns, and a tax disadvantage compared to regional peers.
  • CN2023-01: A Look Back at the Onion Shortage
    This paper delves into the recent onion shortage which resulted in the skyrocketing prices of the commodity. While the problem has partly died down, it brought to fore critical issues affecting the industry. And these issues are not confined solely to the industry but also other major agricultural commodities.  Important lessons have to be learned to avoid a recurrence of the problem. This note tries to analyze the factors that contributed to the situation including supply and demand, importation, and bottlenecks in the supply chain. Reform measures are being proposed to address anti-competitive practices besetting the industry. Other policy imperatives such as improving credit accessibility, increasing cold storage facilities, and strengthening market linkages are also being recommended to help onion farmers.
  • BB2023-01: DIMENSIONS OF THE FY 2023 NATIONAL GOVERNMENT BUDGET (AS ENACTED UNDER RA NO. 11936)
    The 2023 General Appropriations Act authorizes an expenditure program amounting to P5,268.0 billion which is 4.9% higher than last year’s spending level, and is equivalent to 22.4% of the projected GDP this year. Consistent with budget policy that underscores the need to achieve inclusive and balanced economic development, the Social and Economic Services combined account for 68.8% of the total national budget in 2023. Social Services continues to have the highest budget share (38%), to support the implementation of education, health, social protection and other programs that can help the government meet its target to reduce poverty incidence to a single digit by 2028. While Social Services consistently gets the biggest portion of the budget pie, annual increments for Economic Services have grown faster to likewise increase its national budget share especially to support post-pandemic economic recovery initiatives.

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