With the help of Congress’ approval of the proposed 2024 national budget, President Ferdinand R. Marcos Jr. is optimistic that the administration will be able to attain its “Agenda for Prosperity,” that will allow the country to secure a future-proof and sustainable economy.
The Php 5.768-trillion proposed National Budget, or the National Expenditure Program (NEP), for FY 2024 was already submitted to the House of Representatives on Wednesday, August 2.
The proposed budget is equivalent to 21.7 percent of the country’s Gross Domestic Product (GDP), and 9.5 percent higher than the FY 2023 General Appropriations Act (GAA), which amounted to Php 5.268 trillion.
In his 46-page Budget Message addressed to the leaders of both Houses of Congress and the members of the 19th Congress, President Marcos said that the proposed budget will fund the Administration’s continuing pursuit of the plan for economic transformation, as embodied in the Philippine Development Plan (PDP) for 2023 to 2028.
The chief executive said that his long-term vision of prosperity for the country will be achieved by protecting the purchasing power of the public, and enhancing the production sectors to generate more quality jobs and competitive products, supported by macroeconomic stability, infrastructure development, bureaucratic efficiency, strong rule of law, and effective climate action.
Furthermore, the President stated that the proposed Php 5.768-trillion national budget for 2024 is guided by the government’s eight-point Socioeconomic Agenda with a huge allotment to the priority sectors in the national government geared towards boosting not only the economy but also the people’s health, education and welfare.
The education sector continues to receive the highest allocation with Php 924.7 billion,
as part of the President’s commitment to invest in human capital development and youth empowerment.
The development in the food and water security sector will be supported by, among others, Php40.9 billion for various programs to enhance rice production; Php 12.5 billion for the development of other agricultural commodities; and, more than Php 7 billion to improve agri-fishery products competitiveness and further boost the income of Filipino farmers and fisherfolks. More than Php 2 billion will be spent for agriculture-related research and development projects, while Php53.4 billion will be allocated for agricultural infrastructure development.
The administration’s Build Better More Program will receive a total of Php 1.418 trillion, spearheaded by the Department of Transportation and the Department of Public Works and Highways, with their allocations of Php 214.3 billion and Php 822.2 billion, respectively.
The health sector will receive Php 306.1 billion, with Php 23 billion allocated for the Health Facilities Enhancement Program (HFEP); 101.5 billion for PhilHealth services; and, Php 22.3 billion for the Medical Assistance to Indigent and Financially-Incapacitated Patients, among others.
Allocations to local government units (LGUs) will amount to Php 1.008 trillion, which is 17.5 percent of the proposed budget next year. Of this figure, P80.6 billion is the block grant to the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), while Php 1.0 billion has also been set aside for the Marawi Siege Victims Compensation Program.
The labor and employment sector will receive P40.4 billion President, with the Department of Labor and Employment (DOLE) receiving a budget of Php 16.4 billion for its Livelihood and Emergency Employment Program, specifically TUPAD (Php 12.9 billion) and (Php 2.3 billion). On the other hand, the Department of Migrant Workers (DMW) has a total budget of Php 15.5 billion.
In anticipation of the worsening effects of global inflation, the Department of Social Welfare and Development’s ‘Pantawid Pamilyang Pilipino Program’ will receive Php112.8 billion to cover education and health grants on top of rice subsidies, benefitting an estimated 4.4 million households.
The President’s Budget Message also highlighted the administration’s Climate Agenda to make future-proofing a top priority and help address climate change. The allocation for this purpose was increased further from Php 464.5 billion (FY 2023) to Php 543.4 billion. Of this amount, a total of Php 168.6 billion was allotted for mitigation efforts while Php 374.9 billion will be for climate adaptation.
President Marcos also emphasized that affordable and clean energy, the housing sector, digitalization, the ease of doing business and bureaucratic efficiency are among the administration’s priorities under the 2024 proposed national budget. *PND*
