Faster growth seen

With passage of 2024 budget

MANILA, Philippines — The swift enactment of the P5.8-trillion national budget for 2024 shows the strong collaboration and firm resolve of the Marcos administration and Congress to accelerate economic growth in the country, economic managers said.

Finance Secretary Benjamin Diokno said the P5.77 trillion General Appropriations Act  (GAA) for 2024 was signed by President Marcos last Wednesday, just a few days after both the Senate and the House of Representatives ratified the bill on Dec. 11.

“With this budget, we are well-equipped to continue the pursuit of economic transformation achieved under the FY 2023 national budget and further accelerate our push towards realizing the socio-economic development goals of the Marcos administration,” Diokno said.

The 2024 budget was crafted according to the Medium-Term Fiscal Framework (MTFF) and prioritizes expenditures in line with the government’s eight-point socioeconomic agenda and the goals under the Philippine Development Plan (PDP) 2023-2028.

“The 2024 national budget was carefully optimized to drive the country towards a future of inclusivity and sustainability, ensuring that every peso is used efficiently to benefit every Filipino,” Diokno said.

The government’s national budget for next year is equivalent to 21.7 percent of gross domestic product (GDP) and is 9.5 percent higher than the P5.27 trillion budget for 2023.

The social services sector was allocated the largest share of the budget to improve the quality of life of Filipinos, followed by the economic services sector, which provides high investments in public infrastructure through the Build Better More (BBM) program.

Likewise, the general public services received substantial allocation to cover the expenditures for public order and safety, civil service and general administration.

This was followed by the debt burden to cover interest payments on local and foreign borrowings, as well as net lending to government corporations and defense to ensure the country’s territorial integrity and sovereignty.

“We are signing the renewal of our annual social contract with taxpayers, that what they have paid faithfully will be rebated to them in full,” President Marcos said in his keynote message.

According to the President, the national budget details the Philippines’ battle plan for fighting poverty, combating illiteracy, producing food, ending hunger, protecting the country, treating the sick and creating jobs.

Marcos also emphasized the importance of the national budget as an instrument, which tells how the taxes paid by the people will be returned to them.

“It is wrong to say the budget merely pays for the overhead of the bureaucracy… It funds the elimination of problems that we, as a nation, must overcome… In the end, every line in the  budget, when translated to projects, from roads, to schools, to hospitals, will transform our country and the lives of our people for the better,” the President said.

Socioeconomic Planning Secretary Arsenio Balisacan said the timely passage of the budget also shows “mutual understanding of the goals and targets we are aiming to reach.”

“Efficiently utilizing our budget and implementing our planned programs are crucial for us to achieve our socioeconomic goals and realize resilient and sustainable growth for the country, and better lives for the Filipino people,” Balisacan said.

“The year 2023 is all about laying the groundwork and establishing the foundation to achieve our development goals. Through the swift action of Congress, we are inspired to sustain our efforts to implement vital programs and projects that will transform our economy and significantly improve the living standards of every Filipino,” he said.

Budget Secretary Amenah Pangandaman said the budget would help the country realize its goals of transforming the nation for the betterment of all Filipinos.

“This is truly a timely gift for the Filipino people, a noteworthy legislation that marks a significant point in our ongoing efforts to stimulate robust economic growth and recovery,” Pangandaman said.

“Its swift approval is, indeed, an exemplary representation of the government’s unity and dedication, which play pivotal roles in achieving impactful results,” she said.

The budget chief reiterated the duty of the Department of Budget and Management (DBM) in the formulation and implementation of the national budget.

“Rest assured that we remain committed to prudent fiscal management and the judicious allocation of resources in our bid to continue the advancement of the Filipino people and the overall betterment of our nation,” Pangandaman said. –  Louella Desiderio