A BICAMERAL committee started meeting on Thursday to work on the final version of the 2024 national budget bill. Led by Rep. Elizaldy Co (Ako Bicol), chairman of the House Committee on Appropriations, lawmakers aimed to strike a balance between managing debts, allocating funds to key government projects, and considering the capacity of various agencies to achieve budget objectives.
The proposed budget for 2024 stands at P5.786 trillion. The House version emphasizes the importance of a comprehensive strategy to enhance efficiency, transparency, and accountability in program implementation. Chairman Co highlighted that the House version was designed to be a cost-efficient intervention that aligns with the targets and goals for sustainable economic growth and public welfare set by the administration of President Ferdinand Marcos Jr.
One significant change in the House version is the realignment of P1.23 billion from confidential funds for various government offices, including the Office of the Vice President and the Department of Education. Part of this realignment went to frontline agencies responsible for monitoring and protecting the country’s sovereign rights in the West Philippine Sea.
The House version allocated the following additional budget from the realigned confidential funds: P300 million for the National Intelligence and Coordination Agency, P100 million for the National Security Council, P200 million for the Philippine Coast Guard, and P381.8 million for the Department of Transportation.
Furthermore, the House version included specific allocations such as P20 billion for the rice subsidy program, P40 billion for improving irrigation, and P1 billion for fisheries and post-harvest facilities. Speaker Ferdinand Martin Romualdez expressed his support for the House version, stating that it not only addresses food production and combats food inflation but also invests more in the Filipino people and the future of the nation.
Speaker Romualdez revealed that approximately P125 billion has been set aside for medical assistance, livelihood assistance, job creation, and scholarship programs for deserving students, emphasizing their importance in shaping the future of the nation.
Speaker Romualdez appealed to the bicameral conference committee to expedite the finalization of the budget bill so that it can be passed before the Christmas break.
As the bicameral committee begins its work on the final version of the 2024 national budget bill, it is crucial to strike a balance between managing debts, allocating funds to key government projects, and considering the capacity of various agencies to achieve budget objectives.
The proposed budget of P5.786 trillion for 2024 reflects the government’s commitment to enhancing efficiency, transparency, and accountability in program implementation. By realigning confidential funds, the House version aims to ensure that resources are directed towards crucial areas such as monitoring and protecting the country’s sovereign rights in the West Philippine Sea.
In addition, the House version includes specific allocations for important initiatives such as the rice subsidy program, irrigation improvement, and support for fisheries and post-harvest facilities. These investments are essential for addressing food production, combating food inflation, and investing in the future of the Filipino people.
Speaker Romualdez’s emphasis on medical assistance, livelihood support, job creation, and scholarship programs highlights the government’s commitment to the well-being and development of its citizens. These initiatives play a vital role in shaping the future of the nation.
With the Christmas break approaching, the bicameral conference committee is urged to work swiftly in finalizing the budget bill. Timely passage of the bill will ensure that the government can effectively implement its plans and initiatives for the coming year.
Source: The Manila Times
