The Senate of the Philippines has approved the proposed Fiscal Year (FY) 2023 Budget of the Department of Finance (DOF) and its attached agencies and government corporations on November 9, 2022.

Senator Juan Edgardo “Sonny” M. Angara, Chairperson of the Senate Finance Committee, sponsored and defended the DOF’s proposed PHP30.6-billion budget in plenary.

“I thank the Committee on Finance, led by Senator Sonny Angara, and the Senators for the attention they have given to the deliberation and swift approval of the DOF’s budget. This budget will give us the tools we need to fully implement the Marcos administration’s Medium-Term Fiscal Framework for fiscal sustainability and continued growth,” said Secretary Diokno.

The DOF’s proposed budget is allocated to the Department’s offices and attached agencies, which include the Office of the Secretary, Bureau of Customs, Bureau of Internal Revenue, Bureau of Local Government Finance, Bureau of the Treasury, Central Board of Assessment Appeals, Insurance Commission, National Tax Research Center, Privatization and Management Office.

The appropriation also provides for budgetary support to government corporations, including the Philippine Tax Academy and Philippine Crop Insurance Corporation.

Among the priorities of the Department is the improvement of tax administration through the digitalization of the core functions and services of the BIR and the BOC.

After the period of interpellation, the Senators motioned to deem the DOF’s proposed budget submitted and approved.

The Senate is targeting the approval of House Bill No. 4488 or the 2023 General Appropriations Act (GAA) on third and final reading by November 21, 2022.

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