President Ferdinand Marcos Jr. announced on Friday that he will be signing the P5.768-trillion national budget for 2024 before Christmas Day. Speaking to reporters in Muntinlupa City, the President revealed that he is eagerly awaiting the final bicameral conference committee report on the proposed budget.
“There is no bicam report yet. We’re waiting for that. So, they’re putting the finishing touches on it. Perhaps it will be submitted today or in the coming days,” Marcos stated.
Despite his imminent departure to Japan for the 50th Association of Southeast Asian Nations-Japan Friendship and Cooperation Commemorative Summit, Marcos expressed confidence in the proposed budget spending for the upcoming year.
“We have been going through consultations throughout the whole year for that matter, and I would be very surprised if there are other issues that will suddenly arise that we had not anticipated or hadn’t resolved. So, I don’t see any problem with that,” he affirmed.
The bicameral conference committee approved and adopted the final version of the bill containing the 2024 General Appropriations Bill (GAB) on December 11. The proposed budget, which amounts to 21.7 percent of the gross domestic product (GDP), is 9.5 percent larger than the P5.268 trillion allocated for 2023.
According to Senate finance committee chairman Sen. Juan Edgardo “Sonny” Angara, the consolidated version of the 2024 GAB does not include any confidential and intelligence funds allocated for non-security agencies.
Aligned with the Marcos administration’s Eight-Point Socioeconomic Agenda and the goals of the Philippine Development Plan 2023-2028, the proposed national budget carries the theme “Agenda for Prosperity: Securing a Future-Proof and Sustainable Economy.”
By signing the national budget for 2024, President Ferdinand Marcos Jr. demonstrates his commitment to driving the country towards economic prosperity and sustainability. The proposed budget, amounting to P5.768 trillion, represents a significant increase compared to the previous year’s allocation.
As the President awaits the final bicameral conference committee report, he remains confident that any potential issues or concerns have been addressed through extensive consultations conducted throughout the year. This proactive approach ensures that the budget reflects the nation’s priorities and effectively supports the goals outlined in the Philippine Development Plan 2023-2028.
The approval and adoption of the 2024 General Appropriations Bill by the bicameral conference committee mark a crucial milestone in the budgetary process. The proposed budget, equivalent to 21.7 percent of the GDP, is a testament to the government’s commitment to providing the necessary resources for the country’s development and progress.
Furthermore, the absence of confidential and intelligence funds allocated for non-security agencies in the consolidated version of the 2024 GAB highlights the government’s transparency and accountability in financial matters.
The proposed national budget for 2024 is not only significant in terms of its monetary value but also in its alignment with the Marcos administration’s Eight-Point Socioeconomic Agenda. By prioritizing the theme “Agenda for Prosperity: Securing a Future-Proof and Sustainable Economy,” the government aims to ensure a resilient and thriving economy that can withstand future challenges.
President Ferdinand Marcos Jr.’s commitment to signing the national budget before Christmas Day showcases his dedication to fulfilling the nation’s needs and aspirations. With the proposed budget in place, the Philippines can look forward to a future marked by progress, stability, and sustained economic growth.
Source: The Manila Times