DEPARTMENT of Budget and Management (DBM) Secretary Mina Pangandaman thanked Congress for the speedy ratification of the P5.768 trillion General Appropriations Bill (GAB) for 2024.
The DBM chief likewise expressed confidence that President Ferdinand Marcos, Jr. will approve the budget since it will help his administration accomplish its 2022-2028 Medium-Term Fiscal Framework (MTFF) and 8-Point Socioeconomic Agenda.
“The swift ratification of our proposed 2024 budget is a testament to the commitment and strong support of our esteemed lawmakers to ensure the enactment of the 2024 national budget on time. We are grateful to the leadership and members of both the Senate and House of Representatives for this development as this will continue to boost our efforts in achieving our development agenda,” Secretary Pangandaman said.
The key MTFF targets that guided the legislative agenda, she said, were: 6.5 percent to 7.5 percent real gross domestic product (GDP) growth in 2022; 6.5 percent to 8 percent real GDP growth annually between 2023 to 2028; 9 percent (i.e., single-digit) poverty rate by 2028; at least $4,256 income per capita attainment of upper-middle-income status, among others.
Meanwhile, she said the focus of the 8-point Socioeconomic Agenda will be on food security, improved transport, affordable and clean energy, healthcare, social services, education, bureaucratic efficiency, and robust fiscal management.
The 2024 GAB allocates the largest budget share to the social services, which encompasses health, education, culture, manpower development, as well as social security, welfare, and employment among other key areas. As per the 1987 Constitution, utmost priority for the budget is for education.
It represents 21.7 percent of the country’s GDP, and reflects an increase of 9.5 percent compared to the Fiscal Year 2023 national budget.
Pangandaman also noted that that biggest chunk of budget allocated is for infrastructure spending, which is targeted to remain at 5.0 to 6.0 percent of GDP over the medium term.
“Aligned with the directive of President Bongbong Marcos, we shall continue to support and sustain the momentum of the Build-Better-More Program with a proposed allocation of P1.42 trillion, higher by 6.6 percent compared to this year,” the budget chief emphasized.
Following the ratification of the budget, the bill is scheduled for registration, printing, and subsequent transmission to the Office of the President.