Economic managers said Thursday the approved P5.768 trillion national budget for next year will further boost economic growth and ensure seamless delivery of government programs and services.
“Efficiently utilizing our budget and implementing our planned programs are crucial for us to achieve our socioeconomic goals and realize resilient and sustainable growth for the country, and better lives for the Filipino people,” said National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
The government expects the economy to grow 6.5 percent to 7.5 percent in 2024 and 6.5 percent to 8 percent from 2025 to 2028.
Balisacan issued the statement following the signing into law by President Ferdinand R. Marcos Jr. of Republic Act 11975, also known as the General Appropriations Act (GAA) of 2024.
He thanked both chambers of Congress for the timely passage of the budget.
“These efforts from our colleagues in the legislative side are a manifestation of a mutual understanding of the goals and targets we are aiming to reach,” said Balisacan.
NEDA said government spending has been a major driver of the economy in recent years. Prior to the pandemic, government spending, including public construction, contributed 15.9 percent to gross domestic product (GDP) from 2016 to 2019.
It increased significantly in 2020 at the height of the pandemic and continued to do so in subsequent years to support the country’s economic recovery.
“With this budget, we are well-equipped to continue the pursuit of economic transformation achieved under the FY 2023 National Budget and further accelerate our push towards realizing the socio-economic development goals of the Marcos, Jr. administration,” said Finance Secretary Benjamin Diokno.
“The 2024 National Budget was carefully optimized to drive the country towards a future of inclusivity and sustainability, ensuring that every peso is used efficiently to benefit every Filipino,” he said.
The government’s national budget for next year is equivalent to 21.7 percent of the gross domestic product (GDP) and is 9.5 percent higher than P5.268 trillion for 2023.
“This is truly a timely gift for the Filipino people, a noteworthy legislation that marks a significant point in our ongoing efforts to stimulate robust economic growth and recovery,” Department of Budget and Management (DBM) Secretary Mina Pangandaman said.
“Its swift approval is, indeed, an exemplary representation of the government’s unity and dedication, which play pivotal roles in achieving impactful results,” she said.
Among the government agencies, the Department of Education was allocated the highest budget of P924.7 billion, closely followed by the Department of Public Works and Highways with P822.2 billion. The Department of Health was allocated P306.1 billion.
“The year 2023 is all about laying the groundwork and establishing the foundation to achieve our development goals. Through the swift action of Congress, we are inspired to sustain our efforts to implement vital programs and projects that will transform our economy and significantly improve the living standards of every Filipino,” Balisacan said.