MANILA, Philippines — President Marcos is expected to sign the P5.768-trillion 2024 General Appropriations Act (GAA) before Christmas.
In an interview in Muntinlupa City yesterday, Marcos said he sees no unresolved issues in next year’s budget.
“We have been going through the consultations through the whole of the year for that matter and I would be very surprised if there are other issues that will suddenly arise that we hadn’t anticipated or hadn’t resolved...I don’t see any problem to that,” Marcos said.
“You should really ask the bicam to see what their schedule is. But yes, I think we’re good for Christmas,” he added.
The two houses of Congress approved and ratified on Monday the bicameral conference committee report on the proposed P5.768 trillion-national budget for next year.
After receiving the Congress-ratified bill, the President will review it for possible line item veto of certain provisions.
Marcos left for Tokyo, Japan yesterday afternoon to attend the Commemorative Summit for the 50th Year of ASEAN-Japan Friendship and Cooperation. He is scheduled to return to Manila on Dec. 18.
Meanwhile, Sen. Francis Escudero said the country’s debt might to balloon to P27.4 trillion by 2028 – the end of Marcos’ term – with the country’s yearly borrowing pegged at P2.3 trillion.
He said the country’s accumulated debt during the previous Duterte administration and in the first six months of the Marcos administration totaled P13.6 trillion. With P2.3 trillion borrowing per year, the country’s total debt would swell to P27.4 trillion.
“That means, if we are to maintain a 60 percent debt-to-GDP ratio, our GDP, Mr. President, should double by 2028,” he told the plenary on Monday.
Escudero has urged economic managers to increase the GDP moving forward in order to maintain the country’s debt-to-GDP ratio at a manageable level.
“I hope we will keep that in mind as we go through the next four years and approve the budget for the succeeding years, so that we have always at the back of our mind every possibility to increase our GDP, so not only for our debt-to-GDP ratio to remain at a manageable 60 percent but also to ensure that the quality of life of the Filipinos will continue to improve as we continue increasing our indebtedness as well,” Escudero added.
Earlier, Senate Minority Leader Aquilino Pimentel III questioned the additional P450-billion unprogrammed funds added to the P5.768-trillion national budget for 2024.
Pimentel pointed out the funds in the unprogrammed funds ratified by Congress could be considered unconstitutional. — Cecille Suerte Felipe