A Reaction Paper

Fiscal Management in Education

TOPIC
Budget Process of Department of Budget and Management
 
 
REACTION:

A budget is an estimation of revenue and expenses over a specified future period of time and is utilized by
governments, businesses, and individuals. A budget is basically a financial plan for a defined period,
normally a year that is known to greatly enhance the success of any financial undertaking. Budget in
advance countries is treated only as a tool and instrument to achieve its goals for the reasons that advance
countries know how to allocate and utilize their resources. In the sense that budget is only estimated
anticipated revenue and expenditures their government does not rely their countries’ development on it.
We all know that citizens in advance countries like America know where their taxes go. So, they pay their
taxes right away and the fact that estimated is barely different from the actual it is possible that the actual
revenue of the government is greater than the finance budget. In this case, their government is capable of
implementing such rules and able to set aside funds for infrastructures and government projects which are
helpful in the attainment of economic growth and country’s progress .In a struggling developing country
like Philippines budget is a means of economic development because national budget can influence or
affect the social level and political direction of the economy. Honestly speaking, it is quite difficult to
develop the economy of our country for the reason that one of the factors in developing the economy is
increasing the per capita income which only way is full employment of the citizens that obviously was
never attained by our government. As citizens in this country, we all know that the government has
insufficient fund because some citizens in this country did not pay their taxes correctly, and the reality
that lots of citizens are unemployed that’s why taxes are not enough for the government budgeting and
budget has to do with the projects, since government has a lot of borrowed money that the country needs
to pay the cost would be included in the budget. It would be hard for the government to deal with this
matter. It made harder when this pandemic started to hit our country. It would be the hardest part of the
DBM to do the budgeting. They need to budget it precisely, they need to allocate the budget to the most
prioritize. In this case the budget which is allocated for the development of this country would probably
go to the payment of such obligations and projects. The government barely need the budget for the
development of this nation.

Submitted by:

SHIRLEYN ROSE J.
BAJA