MANILA -- Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno forecasts a 7 percent growth for the Philippine economy this 2019 on account of the delay in this year’s national budget.
This growth level falls on the lower end of the 7 to 8 percent target band until 2022 set by the inter-agency Development Budget Coordination Committee (DBCC).
In an interview over ABS-CBN News Channel Tuesday, Diokno said he is “worried” about the delay in the passage of the proposed PHP3.757-trillion budget for the year.
The bicameral conference committee approved and ratified last February the proposed budget for this year.
However, the Office of the President has yet to receive the enrolled copy of the bill and there have been allegations that the House of Representatives made further adjustments in the ratified bill.
Legislators have yet to discuss these changes.
To date, the government is operating on a reenacted budget.
“The President still has to sign the budget so that could be a drag on the 7-8 percent (growth target) so I’m circling for 7 percent at the moment,” Diokno said.
In 2018, the domestic economy grew, as measured by gross domestic product (GDP), by 6.2 percent, lower than the revised 6.5-6.9 percent target. (PNA)
