MANILA – President Ferdinand “Bongbong” Marcos Jr. said that the proposed P5.768-trillion national budget for 2024 would ensure the country’s growth and that a large part would be allocated to economic and social services programs.
Marcos said this as he received a copy of the Fiscal Year 2024 National Expenditure Program (NEP) from the Department of Budget and Management (DBM) on July 25.
In a tweet, the President said the government would use the budget to improve the people’s purchasing power.
“Sa P5.768 trilyong budget para sa ating Fiscal Year 2024 National Expenditure Program, palalakasin natin ang purchasing power ng mga Pilipino at ipagpapatuloy natin ang ating paglago (With the PHP 5.768 trillion budget for our Fiscal Year 2024 NEP, we will strengthen the purchasing power of Filipinos and continue our growth),” he said.
He likewise enumerated the administration’s priorities with the proposed budget.
“Malaking bahagi ng NEP ay para sa pang-ekonomiya at panlipunang serbisyo (A huge chunk of the NEP is for economic and social services),” Marcos said.
“Mas mataas namang alokasyon ang nakalaan para ilang sektor gaya ng edukasyon, imprastraktura, kalusugan at transportasyon (Higher allocations are reserved for some sectors such as education, infrastructure, health and transportation),” he added.
According to the Presidential Communications Office (PCO), the FY 2024 NEP is 9.5 percent higher than the FY 2023 General Appropriations Act (GAA), corresponding to 21.7 percent of the country’s gross domestic product (GDP).
The 2024 NEP is set for submission to Congress on Aug. 2.
“With the 2024 expenditure program, the government aims to continue strengthening the purchasing power of Filipinos; reducing vulnerability and mitigate scarring from the Covid-19 pandemic; and ensuring sound macroeconomic fundamentals,” the PCO said.
The following sectors got the following allocated budget under the 2024 NEP:
- Education: P924.7 billion
- Public Works: P822.2 billion
- Health: P306.1 billion
- Transportation: P214.3 billion (MB)
