The national government is planning to borrow a total of P2.46 trillion in 2024 to support a P5.77-trillion spending program proposed to Congress. Budget Secretary Amenah Pangandaman announced that President Ferdinand Marcos Jr. has approved next year’s National Expenditure Program (NEP), which aims to sustain economic growth with inclusivity and sustainability in mind. The NEP is the government’s spending plan for the next fiscal year, which will be called the General Appropriations Bill once approved by Congress, and the General Appropriations Act once passed into law. The proposed 2024 National Budget will be submitted to Congress shortly after the President’s second State of the Nation Address on July 24, as required by the Philippine Constitution.
Pangandaman stated that the proposed national budget will prioritize expenditures outlined in the administration’s 8-Point Socioeconomic Agenda and align with the objectives of the Philippine Development Plan 2023-2028, while reflecting the commitment to address the effects of the pandemic and inflation. It will prioritize investments in infrastructure projects, human capital development, sustainable agriculture, and food security. The proposed 2024 national budget amounts to P5.768 trillion, equivalent to 21.8% of the country’s GDP, which is 9.5% higher than the budget for 2023.
To support this year’s expenses, the national government has set a P2.2-trillion borrowing program, representing about 42% of the budget. The planned volume of funds to be borrowed for the 2024 budget is 12% higher than this year’s borrowing program. The proposed budget aims to achieve upper-middle-income status, reduce the deficit to 3% of GDP, and lower the poverty rate to 9% by 2028. However, due to limited fiscal space, the Department of Budget and Management (DBM) optimized the allocation of resources by ensuring that the programs, activities, and projects (PAPs) included in the budget are implementation-ready and can be delivered on time.
In conclusion, the national government’s proposed 2024 budget reflects its commitment to sustainable economic growth and inclusive development. It prioritizes important sectors such as infrastructure, human capital development, and agriculture while aiming to achieve key socioeconomic goals. The government recognizes the need for responsible borrowing to support the budget and address the challenges posed by the pandemic and inflation. The Department of Budget and Management plays a crucial role in optimizing resource allocation to ensure efficient implementation.
Denial of responsibility! SamacharCentrl is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
