QUEZON CITY (PIA) -- President Ferdinand R. Marcos Jr. and his Cabinet have recently approved the National Expenditure Program (NEP) for fiscal year 2024, signaling the continuation of the administration's agenda for prosperity.
The proposed budget, which has been crafted to prioritize economic growth, inclusivity, and sustainability, is set at P5.768 trillion. This amount represents 21.8 percent of the country's GDP and is 9.5 percent higher than the current year's budget of P5.268 trillion.
According to Secretary Amenah Pangandaman of the Department of Budget and Management (DBM), the proposed 2024 National Budget will adhere to the administration's 8-point socioeconomic agenda and the Philippine Development Plan (PDP) 2023-2028. The budget will focus on shovel-ready infrastructure projects, human capital development, sustainable agriculture, food security, and other key areas essential for economic and social transformation in the wake of the pandemic.
To ensure the optimal allocation of resources, the DBM evaluated a total of Php 5.90 trillion budget proposals for FY 2024. Factors such as past budget utilization rates and the alignment of programs, activities, and projects (PAPs) with the Budget Priorities Framework were considered during the evaluation. Implementation-ready proposals with clear and comprehensive supporting documents were prioritized, taking into account the agencies' absorptive capacity.
Secretary Pangandaman emphasized the need for all concerned agencies to support and defend the President's budget during congressional deliberations. She highlighted that any adjustments made to the proposed budget could result in a zero-sum game, potentially affecting other agencies or projects. However, she assured agencies that future yearly budgets would provide opportunities for inclusion.
Pangandaman expressed optimism regarding the country's ability to build an inclusive and sustainable economy by prioritizing the right areas of spending and delivering measurable results. She emphasized the importance of consistency in budget priorities and spending within means for the benefit of current and future generations of Filipinos.
The proposed FY 2024 National Budget is expected to be submitted to Congress a few weeks after President Marcos delivers his second State of the Nation Address (SONA) on July 24. According to the Constitution, the NEP must be submitted to Congress within 30 days following the SONA. Once approved by Congress, the NEP will be known as the General Appropriations Bill, and upon passing into law, it will be referred to as the General Appropriations Act. (DBM / PIA-NCR)
