The House of Representatives will receive today Malacañan’s proposed P5.768 trillion national budget for 2024.
House Speaker Ferdinand Martin G. Romualdez has committed to “expeditiously scrutinize, deliberate, and pass the national budget through a transparent process.”
“We will set clear priorities to arrive at decisions that would further promote sustainable growth aimed at uplifting the lives of Filipino people, enhancing public services, and making our economy strong and more agile,” Romualdez said.
Under the Constitution, all money measures of the national government emanate from the House.
Romualdez earlier assured the people that “every centavo of the national budget will be spent wisely by ensuring that spending will contribute to economic and national development.” The money measure “is the most important piece of legislation,” he said.
The proposed national government budget for 2024 is equivalent to 21.8 percent of the gross domestic product (GDP) and is 9.5 percent higher than this year’s P5.268 trillion budget.
The House is expected to begin its deliberations on the budget bill next week. It committed to pass the measure before Congress adjourns on October 1.
The Department of Budget and Management (DBM) earlier said the proposed 2024 NEP shall continue to prioritize expenditures that will sustain economic growth bearing in mind inclusivity and sustainability, consistent with the Philippine Development Plan (PDP) 2023-2028, and the administration’s 8-point socioeconomic agenda.
“Guided by our Medium-Term Fiscal Framework, the proposed national budget will continue to prioritize expenditures outlined in the administration’s 8-Point Socioeconomic Agenda and cater to the objectives of PDP 2023-2028. It shall continue to reflect our commitment to pursue economic and social transformation to address the scarring effects of the pandemic, as well as the impact of inflation, by prioritizing shovel-ready investments in infrastructure projects, investments in human capital development, and sustainable agriculture and food security, among others,” the DBM said.
“We average five weeks of solid work on budget deliberations, consideration, review, and approval through the Third Reading. So we are confident with the processes and protocols and procedures that we have that we can finish the national 2024 budget. That is the most important piece of legislation,” Romualdez earlier said.
The budget, Romualdez said, “aims to sustain the country’s economic growth, create more income and job opportunities for the people and improve their quality of life through the timely delivery of basic social services like education, health care, and infrastructure.”