The Department of Finance has sought the swift enactment by Congress of the proposed national budget for next year along with the economic priority measures to rebuild the economy and decisively defeat coronavirus.During a briefing for the Senate finance committee, Finance Secretary Carlos G. Dominguez III said the timely enactment of the P4.506 trillion 2021 national budget is a key component of the government’s comprehensive program under its economic bounce-back plan.
The priority measures, now pending in Congress, include the Financial Institutions’ Strategic Transfer Act, and the Government Financial Institutions’ Unified Initiatives to Distressed Enterprises for Economic Recovery bill. Likewise, the finance chief urged the Senate to pass the proposed Corporate Recovery and Tax Incentives for Enterprises Act , which will immediately lower the corporate income tax rate from 30 percent to 25 percent.
The DBCC is composed of the heads of the Department of Budget and Management , DOF, National Economic and Development Authority , Bangko Sentral ng Pilipinas ; and a senior representative from the Office of the President .