23-6-2023 (MANILA) The Department of Budget and Management announced on Friday that Philippine President Ferdinand Romualdez Marcos has given his approval to the proposed national budget of 5.768 trillion pesos (approximately 103.73 billion U.S. dollars) for the year 2024. This budget represents a 9.5 percent increase compared to the budget for 2023.
Budget Secretary Amenah Pangandaman stated that the budget, which is equivalent to 21.8 percent of the country’s gross domestic product (GDP), “demonstrates the government’s commitment to pursue economic and social transformation in order to address the long-lasting impacts of the pandemic and the effects of inflation.”
Pangandaman emphasized that the budget will prioritize “shovel-ready investments in infrastructure projects, investments in human capital development, and the promotion of sustainable agriculture and food security.”
She further highlighted that the budget is an “essential step” towards the government’s objective of reducing the deficit to 3 percent of GDP and achieving a single-digit poverty rate by 2028.
Before the budget becomes a bill, it will be submitted to Congress for further deliberations.
