Marcos approves P5.768-t budget for 2024—DBM

THE administration’s Agenda for Prosperity shall continue after President Ferdinand R. Marcos Jr. and his Cabinet approved on Thursday night the National Expenditure Program, which sets a P5.768-trillion national budget for fiscal year (FY) 2024, the Department of Budget and Management said yesterday.

DBM Secretary Amenah F. Pangandaman said the proposed 2024 national budget "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."

The Budget Secretary said the proposed FY 2024 National Budget will be submitted to Congress a few weeks after the second State of the Nation Address of President Marcos, which is scheduled on July 24. Under the Constitution, the National Expenditure Plan (NEP) must be submitted to Congress within 30 days after the SONA.

The NEP is the National Government’s spending plan for the next fiscal year. Once approved by Congress, it will be known as the General Appropriations Bill, and once passed into law, the bill will be known as the General Appropriations Act.

“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," Pangandaman said in a statement. (See full story online at manilastandard.net)