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Proposed 2024 budget to strengthen public’s purchasing power

MANILA -- The Department of Budget and Management (DBM) stated on Thursday that the proposed 2024 national budget aims to strengthen the public’s purchasing power amid rising fuel prices and in the aftermath of recent calamities.

In a press briefing in Malacañang, DBM Principal Economist Joselito Basilio discussed the government's efforts to strengthen the public's purchasing power, which include addressing food sufficiency, and reducing logistics and transport costs.

“The budget is presented.  There are two main important socioeconomic agenda in the near term that are being addressed.  Of course, food sufficiency and then next is iyong reduced logistics and transport cost,” he said.

According to Basilio, there is an increased funding for agriculture and agrarian reform, along with other related agencies under the Department of Agriculture.

Reducing logistics and transport costs will be evident in railway projects and other transport system initiatives under the Department of Transportation (DOTr) and Department of Public Works and Highways (DPWH). These efforts aim to streamline the flow of goods and services, both domestically and internationally, to mitigate inflationary impacts.

“Iyong railway projects and other transport system projects of the DOTr as well as DPWH are meant to increase (efficiency) and make smoother iyong flow ng goods and services and even of people who market their products…(both) within the country and abroad,” Basilio said.

Basilio revealed that the proposed budget also allocates more funding for renewable energy initiatives, with the goal of encouraging private sector participation and alleviating the burden of growing energy costs.

Basilio also stated that the proposed budget includes social protection programs such as livelihood initiatives to aid vulnerable sectors recovering from the adverse effects of the pandemic and inflation.

“If inflation impacts the vulnerable sectors, we still have social protection programs although nag-decrease siya… but the point now is—after the pandemic … for example, the fisherfolks and farmers experienced the negative effects of higher inflation, there are livelihood programs that are meant to make them recover faster,” he said. 
In the same briefing, DBM Secretary Amenah Pangandaman also assured that the fuel subsidy initiatives for the transport and agriculture sector will continue next year.

Fuel subsidy under the DOTr will be Php2.5 billion in 2024, which is the same level under the current year's budget.  Similarly, the fuel assistance program for farmers and fisherfolks under the Department of Agriculture would also retain its funding at Php1 billion. (PND)

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Andrea Bancud


Information II from the Creative Production Services Division of PIA Central Office who also writes scripts for IEC materials such as AVP, TV Commercial, Radio Commercial and print materials. 

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