MANILA, Philippines — The Marcos Jr. administration on Friday said it would submit to Congress a P5.768-trillion budget proposal for next year.
The plan was revealed by Budget Secretary Amenah Pangandaman. If enacted into law, next year’s appropriations will be higher by 9.5% compared to the 2023 budget.
“The proposed national budget will continue to prioritize expenditure items that promote social and economic transformation through infrastructure development, food security, digital transformation, and human capital development,” the economic managers said in a joint statement.
While details remain scant, Pangandaman told journalists that the 2024 national budget will continue the government’s cash assistance program, which was present in the 2023 version.
The national budget is expected to come into further scrutiny, as a limited fiscal space could hamper the national government’s spending plans on crucial projects and programs.
To this end, the DBCC noted that the 2024 National Expenditure program will include proposal from government agencies that are “implementation-ready.” — Ramon Royandoyan