The Committee on Appropriations of the House of Representatives has endorsed for congressional approval the P19.73-billion budget of the Department of Finance (DoF) for 2018, which decreased 16 percent from this fiscal year, setting an example for other government agencies to utilize their respective allocations efficiently.
Finance Secretary Carlos Dominguez 3rd said the 2018 budget of the DoF and its attached agencies dropped by P3.5 billion from 2017 because majority of the investment outlays and property, plant and equipment were already provided through this year’s budget.
“The DoF voluntarily submitted a lower budget for 2018 compared to the preceding year to set an example for other departments to operate efficiently,” Dominguez added.
Along with reductions in the capital outlays of other DoF-attached agencies, this 2018 budget cut for the department, which has a P21.30- billion outlay this year, was also largely the result of the significant decline in the allocation for the Bureau of Treasury (BTr), whose P6.46- billion budget for 2017 went down to P4.36 billion for 2018, or a P2.10-billion drop.
For 2017, the BTr’s allocation represented a 288-percent hike from the previous year owing to its capital subscriptions to foreign financial institutions, including the Asian Infrastructure Development Bank.
Of the P19.7-billion proposed DoF budget for the next fiscal year, P17.97 billion comprises new general appropriations, while P1.75 billion represents automatic appropriations, of which P602 million is set aside for retirement and life insurance premiums, and P1.152 billion will go to the Special Accounts in the General Fund for several programs under the Bureau of Customs, Bureau of Internal Revenue and the Insurance Commission.