As the Philippine inflation rate reached another 14-year record-breaking high of 8.7 in January 2023, as released by the Philippine Statistics Authority (PSA), prices of products, goods, and services have increased and the Filipinos, workers, and students struggled to make ends meet. Unless the government utilizes the 2023 National Budget of PHP 5.268 trillion to fund and provide a recovery plan for the country amidst the COVID-19 pandemic and economic crisis, the high inflation rate will continue to rise and the economic problems of the present will continue to negatively affect the Filipino people.

 

Initially, while the proposed 2023 National Budget traversed the passage of authorization, President Ferdinand Marcos Jr. called for the swift passage of the budget in order to maintain government operations, strengthen efforts for COVID-19 response, and support initiatives for national economic recovery in 2023. Eventually, the 2023 National Budget, the largest budget in the country up to date, has been approved. Moreover, the budget aims to address the current problems and pressing concerns of the Filipinos and focuses on the development of education, infrastructure, health, and agriculture.

 

With the country’s economically challenging times, Filipino families are negatively affected, especially when prices of onions and oil, commodities that Filipinos purchase to use almost every day, have soared high. After the prices of onions spiked high from 450 to 700 pesos per kilo, the Department of Agriculture (DA) modified the suggested retail price (SRP) for red onions to PHP 125 per kilogram in February 2023. However, according to the Federation of Free Farmers Cooperatives Incorporated (FFFCI), the DA shall seek to improve local production while curbing or preventing profiteering, price manipulation, and smuggling to aid in mitigating the spike in onion prices.

 

Furthermore, the National Budget can be used to mitigate the country’s economic crisis as the budget is committed to pursuing the 8-point Socio-Economic agenda, which aims for improved transportation, clean energy, and improved education. The Department of Budget and Management (DBM) stated that the National Budget allocates PHP 852.8 billion for education, PHP 718.4 billion for public works, PHP 246.3 billion for health, PHP 197 billion for social welfare, PHP 184.1 billion for agriculture, and PHP 167.1 billion for transportation.   

 

Unless the DA and the government mitigate the high inflation rate and high onion prices, the Filipino people will continue to struggle financially and economically amidst the pandemic. While Filipino families are trying to budget their money wisely, the present Marcos Administration, from a large-scale perspective, shall use the 2023 National Budget of PHP 5.268 trillion to lead the country toward social, economic, and environmental improvement.