On Wednesday, President Ferdinand Marcos Jr. enacted the 2024 national budget worth P5.768 trillion.
The 2024 budget, ratified by the House and the Senate on December 11, is 9.5% higher compared to this year’s P5.268-trillion national budget.
“Today, we signed the notional budget, the instrument which tells how the taxes paid by the people will be returned to them. In effect, we are signing the renewal of our annual social contract with taxpayers that what they have paid faithfully will be rebated to them in full,” Marcos said in his speech.
”Although it is teeming with numbers, this budget is more than a spreadsheet of amounts, or a ledger of projects,” the President added.
Marcos declared that the budget outlines the government’s strategy to fight poverty, tackle illiteracy, increase food production, end hunger, safeguard residences, secure the border, provide medical care, promote health, create employment, and support businesses.
He stated that each aspect of the proposed budget would improve the lives of Filipinos. Marcos also highlighted that the primary rule of the budget is to serve the citizens, not personal interests.
P5.768-T nat’l budget for 2024 signed
”Honor the taxpayers who make the budget possible and in doing so we will bring closer to the brighter tomorrow that we aspire— for Bagong Pilipinas that we all envision for our people,” Marcos said.
Senate Finance Committee chair Senator Sonny Angara recently stated that the merged 2024 General Appropriations Bill does not include confidential and intelligence funds for non-security agencies.
Angara noted that from the entire suggested budget, a sum of P9 billion, which is 0.2%, is designated for the CIF in 2024.
The Budget and Management Office previously stated that the 2024 fiscal plan will concentrate on allocating funds for economic expansion and combating inflation’s impact.
Meanwhile, Philippine financial leaders revealed the government’s spending target for 2025. The Development Budget Coordination Committee (DBCC) announced a proposed budget of P6.120 trillion for 2025, an increase from 2024’s P5.768 trillion.
The proposed national budget for 2025 matches 20.5% of the nation’s overall GDP.
Following President Ferdinand Marcos Jr.’s statement, the DBCC disclosed the 2025 national budget limit right before the expected signing of the P5.768 trillion budget bill by Christmas.
The financial group states the P6.120 trillion 2025 budget plan aligns with broad economic projections and spending goals.
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