In crafting the proposed 2022 national budget, the Development and Budget Coordination Committee (DBCC) takes into account a set of macroeconomic assumptions which determines the plausibleness of the budget’s execution. This paper discusses these macroeconomic assumptions, comparing targets with the actual values of macroeconomic parameters and looking at the implications of such variables to the national budget. The continuing impact of the COVID-19 pandemic to the Philippine economy as well as prospects for growth are likewise elaborated upon. Key macroeconomic variables discussed in this paper include inflation, unemployment, Dubai crude oil price, and gross international reserves. Implementing a rapid response strategy to the COVID-19 pandemic and providing temporary relief to those displaced by the pandemic are among the recommendations of this paper.