Duterte OKs proposed P3.757-trillion budget

MANILA— President Rodrigo Duterte and his Cabinet have approved the proposed P3.757 trillion national budget for next year, the first ever to be cash-based.

In a text message on Tuesday, Budget Secretary Benjamin Diokno confirmed that Duterte okayed the planned 2019 national budget "as presented" during Monday's Cabinet meeting, which ended at 2 a.m.

"We plan to submit the 2019 P3.757 trillion cash-based budget on July 23rd, day of the state of the nation address," Diokno said, adding that the proposed 2019 budget is equivalent to 19.8 percent of the country's gross domestic product.

The Department of Budget and Management will shift next year to a cash-based budgeting system, where agencies can only incur contractual obligations and disburse payments for goods and services delivered within the fiscal year, with an extended payment period of three months.

The DBM said this will effectively limit agencies to "submit budget proposals reflecting payment of goods and services that will actually be delivered for the year."

This year's obligation-based budget was at P3.767 trillion.—

PRESIDENTIAL PHOTO President Rodrigo Roa Duterte leads the Ceremonial Signing of the 2018 General Appropriations Act (GAA) and Tax Reform Acceleration and Inclusion (TRAIN) in Malacañan Palace.