MANILA - The government is looking at proposing a P5.024 trillion budget for 2022, Budget Secretary Wendel Avisado said in a public press briefing, as the country continues to reel from the COVID-19 pandemic.
"Ginagawa po lahat ng ating pamahalaan na sa 2022 inihahanda na natin ang budget call natin, aangat ng about 11.5 percent ang level ng ating proposed budget," he said.
(We are doing our best. For 2022, we are preparing our budget call. We want to increase it by 11.5 percent.)
In the same briefing, Senator Bong Go said they are expected to ratify the measure on 2021's proposed budget. President Rodrigo Duterte is expected to sign it come December 28.
Economic managers have foreseen the country's economy to shrink this year due to prolonged lockdowns in some areas that have decreased mobility and spending among consumers.
Gross domestic product shrank 11.5 percent in the third, but says the "worst is over", government earlier said.
Avisado hopes the numbers will fare out better next year.
"Next year inaasahan na instead na sa ngayon nag-negative tayo ay babalik tayo sa positive hopefully between 6.5 - 7.5 ang economic growth natin at tataas ito sa around 10 sa 2022," he said.
(Next year we expect that instead of negative figures we will be back in positive territory. Hopefully we get between 6.5 to 7.5 in economic growth and we expect this to increase at around 10 in 2022.)