29/12/2022
: 𝐓𝐇𝐄 𝐏𝐇𝐈𝐋𝐈𝐏𝐏𝐈𝐍𝐄 𝐁𝐔𝐃𝐆𝐄𝐓 𝐂𝐘𝐂𝐋𝐄
The Philippine Budget Cycle undergoes four phases: Budget Preparation, Legislation, Ex*****on and Accountability
The four phases of the budget cycle overlap in continuing cycles. For example, while the Executive implements the budget for the current year, it also prepares the Budget for the next fiscal year and consequently defends it before Congress. At the same time, the government monitors, evaluates, and reports on its actual performance all year-round.
Phase 1 is the 𝗕𝘂𝗱𝗴𝗲𝘁 𝗣𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻 stage where budget priorities are set and the proposed budget of different government agencies are evaluated and submitted to the President and the Cabinet.
Phase 2 is the 𝗕𝘂𝗱𝗴𝗲𝘁 𝗟𝗲𝗴𝗶𝘀𝗹𝗮𝘁𝗶𝗼𝗻. The President submits the proposed budget to the Congress for deliberation and ratification into the General Appropriations Act.
Once the GAA is enacted, phase 3 begins; the 𝗕𝘂𝗱𝗴𝗲𝘁 𝗘𝘅𝗲𝗰𝘂𝘁𝗶𝗼𝗻 stage. The DBM issues allotments to government agencies based on the approved budget programs under GAA.
The last phase of the budget cycle is 𝗕𝘂𝗱𝗴𝗲𝘁 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆. Phase 4 is the setting of targets that agencies are to be held accountable for, this is done through continuous monitoring and evaluation using different auditing processes all throughout the fiscal year.
Know more about the basics of the Philippine Budgeting Process. Watch the full AVP of Budget 101 on the DBM Website
https://www.dbm.gov.ph/index.php/avps/cash-budgeting-system-2
Sources:
Summary of the Budget Cyclehttps://www.dbm.gov.ph/wp-content/uploads/Executive%20Summary/2016/Budget%20Cycle.pdf
2021 People's Proposed Budgethttps://www.dbm.gov.ph/images/pdffiles/2021-Peoples-Proposed-Budget.pdf
