House to begin hearings on P5.7-trillion national budget
Niño Jesus Orbeta/Inquirer
MANILA, Philippines—The House of Representatives will commence formal hearings this Thursday on the P5.678-trillion national budget proposed by President Ferdinand “Bongbong” Marcos Jr. for 2024.
High on the list of those to be questioned are members of the President’s economic team, specifically from the Development Budget Coordination Committee (DBCC).
House Speaker Ferdinand Martin G. Romualdez expressed the chamber’s concerns, noting, “The poor say they cannot eat growth.”
Romualdez emphasized the collective sentiment that the current economic boom appears to be benefiting primarily the wealthy, major corporations, and players in the stock and financial markets.
“If the majority of our people do not feel our economic expansion, they should at least see it in terms of the proper use of the national budget for social services, infrastructure, education, health, and even direct financial assistance to the poor and other vulnerable sectors,” he said.
Romualdez said the House is keen to advocate for augmented allocations dedicated to these services and programs aimed at aiding the economically disadvantaged.
Another area of focus will be the newly enacted Agrarian Emancipation Law. Romualdez reconfirmed the House’s commitment to scrutinizing its enactment and the earmarked appropriations.
“The law is the hope of more than 600,000 farmers to get rid of over P5 billion in indebtedness that has been hobbling them for years,” he said.
With the law forgiving such debt, Romualdez stressed the need for continued support for these farmers, encompassing new credit avenues, essential farming inputs, state-of-the-art equipment, modern technology, and other necessary assistance.
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This article was generated with the aid of artificial intelligence and reviewed by an editor.
