DBM submits 2024 national budget to Marcos

MANILA, Philippines — President Marcos has received the National Expenditure Program (NEP) for 2024 and is eyeing to turn it over to Congress for deliberations and approval on Aug. 2.

Budget Secretary Amenah Pangandaman yesterday submitted to the Office of the President (OP) the P5.768-trillion NEP for 2024, with Marcos personally accepting the document.

The turnover of the NEP to the OP signals that the government is close to submitting the spending plan to lawmakers, who will go over the budget items one by one for review and approval.

Pangandaman said the government plans to file the proposed budget before Congress on Aug. 2.

She called on legislators to hasten the passage of the national budget for next year.

“Following Cabinet approval, the budget is ready for presentation. This budget will be submitted to the House of Representatives on Aug. 2,” Pangandaman said.

“I’m hopeful that it will be faster because last year when we submitted the NEP it was one week before the deadline,” she added.

As mandated by the Constitution, the government has to submit its budget proposal to Congress within 30 days after the President delivers the State of the Nation Address.

Pangandaman committed that Cabinet officials will defend all of the items listed under the NEP, saying the proposed budget addresses the issues that the Chief Executive wants to solve.

“We will present this to Congress [and] we will defend the President’s budget as much as we can. Our national budget is responsive to the pressing issues that we have now,” Pangandaman said.

For 2024, the government has increased the national budget by nine percent from P5.268 trillion in 2023, and seeks to spend the bulk of the amount on infrastructure and socioeconomic projects.

The budget proposal for 2024 equates to 21.8 percent of the gross domestic product (GDP).

State economists estimate the GDP to grow between 6.5 percent and eight percent next year.