BAGAC, Bataan — Department of Finance seeks to sustain the Philippines’ growth story and making this growth more inclusive.
“For the past five years, the Philippines has enjoyed growth rates of above six percent, one of the highest in Southeast Asia. We attribute this economic gain from our current drive towards good governance, of which its centerpieces include fiscal transparency and sound management of fiscal resources, including tax reform,”
Finance Undersecretary Gil Beltran told attendees of the Asia-Pacific Economic Cooperation (APEC) Workshop on Fiscal Management through Transparency and Reforms which opened today at the Las Casas Filipinas de Acuzar.
As this year’s host of the Finance Ministers’ Process (FMP), the Philippines likewise seeks to make a contribution to the ever-continuing goal of the APEC for sustained economic growth in the region.
It has included in the Cebu Action Plan, which is the central agenda and proposed roadmap for the APEC FMP, the initiatives on fiscal transparency and policy reform towards sustained and inclusive growth.
In 2010, the Department of Budget and Management started introducing budget reforms through Zero-Based Budgeting approach in order to decrease the country’s huge deficit and increase its fiscal reserve.
In 2013, the Grassroots Participatory Budgeting approach was launched which involves local government units and the community in the preparation of the national budget.
In 2014, the Bottom-Up Budgeting approach was implemented which prioritizes the funding of certain community-based projects with measurable results.