Senate 2023 budget to support economic recovery

The Senate has instituted social safety nets such as fuel subsidies, grant-in-aid for the poorest of the poor, and other energy-related subsidies.

The proposed 2023 budget of the Senate underscored the social safety nets supporting economic recovery amid continuing uncertainties brought by the Russia-Ukraine conflict and the Covid-19 pandemic, according to a senator.

Senator Win Gatchalian said that they recognize the need to support marginalized sectors of our society, but this should be targeted, which means only those in dire need should receive aid from the government.

He added that the Senate has instituted social safety nets such as fuel subsidies, grant-in-aid for the poorest of the poor, and other energy-related subsidies as the country is expecting external factors such as the Russia-Ukraine issue and the Covid-19 pandemic to persist until next year.

“As long as the Russia-Ukraine conflict is there, crude oil prices are likely to be around $90 per barrel by next year and we see local pump prices to hover around P70-P90 per liter. This means we still need to give subsidy, but this should be targeted,” Gatchalian said.