MANILA – A Bicameral committee started meeting Thursday to work on the final version of the 2024 national budget bill.
Rep. Elizaldy Co (Ako Bicol), chairman of the House Committee on Appropriations, said that in crafting the House of Representatives’s version of the budget bill, lawmakers tried to strike a balance between handling debts and allocating funds to key government projects and being mindful of the capacity of various agencies to achieve budget objectives.
The proposed budget for 2024 was P5.786 trillion.
The House version “underscores the need for a comprehensive strategy to enhance efficiency, transparency and accountability in program implementation,” Co said during the bicameral committee’s opening meeting.
He said the House version was crafted to be “a more cost-efficient intervention” that is aligned “with the targets and goals for sustainable economic growth and public welfare” of the administration of President Ferdinand Marcos Jr.
The House version realigned a total of P1.23 billion in confidential funds for various government offices, including the Office of the Vice President and the Department of Education.
In the House version, part of the P1.23 billion went to frontline agencies in charge of monitoring and protecting the country’s sovereign rights in the West Philippine Sea.
It realigned confidential funds to the following as additional budget: the National Intelligence and Coordination Agency (P300 million), the National Security Council (P100 million), the Philippine Coast Guard (P200 million), and the Department of Transportation (P381.8 million).
The House version also allocated P20 billion for the rice subsidy program, P40 billion to improve irrigation, and P1 billion for fisheries and post-harvest facilities.
“The national expenditure program passed by the House not only addresses food production and combatting food inflation, it is also investing more for the Filipino people and the future of this nation,” Speaker Ferdinand Martin Romualdez said.
Romualdez said around P125 billion was set aside for “medical assistance, livelihood assistance, job creation and scholarship programs for deserving students — the future of this nation.”
He appealed to the bicameral conference committee to quickly come up with a final version of the budget bill so it could be passed before the Christmas break.
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