DBCC trims 2021-2022 budget projections due to pandemic

The Development Budget Coordination Committee (DBCC) has reduced the projected national budget for 2021 and 2022 due to expected declines in revenue caused by the coronavirus crisis.

For 2021, the DBCC projects a P4.2 trillion budget, down 8.4% from the previous estimate of P4.586 trillion.

The committee also set a P4.451-trillion budget for 2022, which is 13% lower than the earlier projection of P5.12 trillion.

Budget Secretary Wendel E. Avisado attributed the smaller budget to lower projected revenues.

For 2021, state revenue projections are now at P2.929 trillion, a decrease of 24% from the previous estimate of P3.849 trillion.