DBM submits P5.768-T expenditure program for 2024 to House of Representatives

Budget Secretary Amenah Pangandaman on Wednesday officially submitted the P5.768-trillion proposed budget for 2024 to the House of Representatives, reflecting a 9.5% increase from this year’s appropriations.

The submission of the National Expenditure Program (NEP) for 2024 came a week after President Ferdinand “Bongbong” Marcos Jr.’s second State of the Nation Address (SONA), as the 1987 Constitution provides that the budget must be submitted within 30 days of this.

“(T)he proposed national budget for FY 2024 shall continue to prioritize expenditure items that promote social and economic transformation through infrastructure development, food security, digital transformation, and human capital development,” the Department of Budget and Management (DBM) said in a statement.

Infrastructure

The administration has allocated some P1.4 trillion for its Build Better More Program, equivalent to 5.3% of the gross domestic product (GDP).

This includes P463.25 billion for road networks, P255.01 billion for flood control systems, P153.46 billion for railway systems, P70.07 billion for buildings, P37.92 billion for right-of-way acquisition, and P174.28 billion for the development fund of local government units.

For social acquisition, Pangandaman said P40.59 billion was allocated for school buildings, P15.31 billion for hospitals and health centers, P5.43 billion for water supply systems, P3.58 billion for power supply systems, P2.12 billion for housing and community facilities, and P1.32 billion for reforestation projects.

In his SONA last week, Marcos said his administration will continue to focus on infrastructure development, committing to spend 5% to 6% of the GDP for the sector.

Education

Education was allocated P924.7 billion or 16.0% of the NEP for 2024, as the Constitution mandates the sector to be the top priority.

“Echoing the pronouncement of our President, alongside the strengthening of our economy, we will also invest heavily in human capital development through education, health, and social protection,” Pangandaman said.

The education budget includes P12.04 billion for textbooks and other instructional materials, P11.71 billion for the school-based feeding program, and P41.05 billion for Education Assistance and Subsidies.

It also provides P51.12 billion for Universal Access to Quality Tertiary Education (UAQTE), of which P21.70 billion will go to some 116 state universities and colleges (SUCs).

Food Security

“In our quest for food security and proper nutrition for Filipino families, the FY 2024 NEP will continue to support programs that boost the local production of major agricultural commodities,” Pangandaman said.

The budgetary support covers P30.87 billion for rice, P5.28 billion for corn, and P1.94 billion for high-value crops.

Other allocations include P916 million for the National Soil Health Program, P31.18 billion for irrigation services, P4.94 billion for fisheries infrastructure development, P9.00 billion for the buffer stocking program, and P17.27 billion for the farm-to-market road program.

Social Protection

Pangandaman said the NEP provides P112.8 billion for 4.4 households under the Pantawid Pamilyang Pilipino Program, P1.89 billion for the Philippine Food Strategic Transfer and Alternative Measures (STAMP) Program, and P49.81 billion for the Social Pension for Indigent Senior Citizens.

Some P9.0 billion was allocated for the Pambansang Pabahay Para sa Pilipino Program, which seeks to build 6 million “decent and affordable” housing for Filipino families within six years.

Latest data available from the Bureau of the Treasury (BTr) show that the government’s fiscal balance posted a P551.7-billion shortfall in the first half of the year, 18.17% lower than the P674.2 billion fiscal gap in 2023. 

Once approved by Congress, the NEP will be known as the General Appropriations Bill, and will be known as the General Appropriations Act (GAA) once passed into law.

“It is the Administration's fervent hope that this budget will continue to lay the groundwork for future-proofing the economy and making the country's growth inclusive and sustainable, not just for the Filipinos of today, but also for the future generations,” Pangandaman said. — RSJ, GMA Integrated News