President Ferdinand Marcos Jr. approved the proposed ₱5.768-trillion national funding for 2024.
Department of Budget and Management (DBM) Secretary Amenah Pangandaman said the President already approved the national budget during a Cabinet meeting on Thursday.
The proposed budget reflects a 9.5% increase from 2023’s ₱5.268 trillion.
“Guided by our Medium-Term Fiscal Framework, the proposed national budget will continue to prioritize expenditures outlined in the administration’s 8-Point Socioeconomic Agenda and cater to the objectives of PDP 2023-2028,” said Pangandaman.
“It shall continue to reflect our commitment to pursue economic and social transformation to address the scarring effects of the pandemic, as well as the impact of inflation, by prioritizing shovel-ready investments in infrastructure projects, investments in human capital development, and sustainable agriculture and food security, among others,” she added.
Pangandaman plans to submit the proposed 2024 national budget to Congress few weeks after Marcos’ second State of the Nation Address in July.
“Any adjustments in the proposed amounts will result in a zero-sum game where one agency’s gain will be equivalent to another agency’s loss; or one project’s gain is another project’s loss.”
