DBM submits 2024 national budget to Marcos
Malacañang on Tuesday said the Department of Budget and Management (DBM) has handed over to President Marcos a copy of the fiscal year 2024 National Expenditure Program (NEP) that will be the basis of the proposed national budget for next year.
The NEP will be submitted to Congress on Aug. 2, the Presidential Communications Office (PCO) said in a statement.
The PCO said the 2024 national budget amounted to P5.768 trillion, 9.5 percent higher than the 2023 General Appropriations Act and equivalent to 21.7 percent of the country’s gross domestic product.
“With the 2024 expenditure program, the government aims to continue strengthening the purchasing power of Filipinos; reducing vulnerability and mitigat[ing] scarring from the COVID-19 pandemic; and ensuring sound macroeconomic fundamentals,” the PCO said.
Photos from the DBM Facebook page showed Budget Secretary Amenah Pangandaman turning over the hard copy of the2024 national budget to the President at the Palace.
Accompanying Pangandaman were Undersecretaries Goddes Hope Libiran, Maria Francesca del Rosario and Wilford Will Wong; Assistant Secretaries Romeo Matthew Balanquit, Gerardo Maula and Mary Anne dela Vega; chief of staff Leo Angelo Larcia and other officials.
The DBM said the 2024 national budget was anchored on the theme, “Agenda for Prosperity: Securing a Future-Proof and Sustainable Economy.”
According to the DBM, the programmed general appropriations covering the national government’s operating requirements and funding for the agencies will amount to P4.020 trillion.
On the other hand, automatic appropriations, including debt service, will be P1.748 trillion. By expenditures, maintenance and other operating expenses will account for 37.4 percent of the budget, followed by personnel services (29.4 percent), capital outlays (21.6 percent) and financial expenses (11.6 percent). INQ.