Posted: July 26, 2023
Department of Budget and Management (DBM) Secretary Amenah Pangandaman officially submitted the PhP5.768-trillion proposed national budget for FY 2024 to the House of Representatives on August 02. A briefing on the FY 2024 National Expenditure Program's salient features was held which was followed by a Press Conference.
The Marcos administration has allocated some PhP1.4 trillion for its Build Better More Program, equivalent to 5.3% of the gross domestic product (GDP). In his State of the Nation Address (SONA) last week, President Ferdinand R. Marcos Jr. emphasized that his administration will continue to focus on infrastructure development, committing to spend 5% to 6% of the GDP for the sector.
As mandated by the 1987 Constitution, the education sector shall have the biggest share in the FY 2024 NEP in the amount of PhP924.7 billion or 16% of the total budget.
Sec. Pangandaman highlighted the administration's effort to boost food security by supporting programs which increase the local production of major agricultural commodities that covers PhP30.87 billion for rice, PhP5.28 billion for corn, and PhP1.94 billion for high-value crops.
She also mentioned that the FY 2024 NEP provides PhP112.8 billion for 4.4 million households under the Pantawid Pamilyang Pilipino Program, PhP1.89 billion for the Philippine Food Strategic Transfer and Alternative Measures (STAMP) Program, and PhP49.81 billion for the Social Pension for Indigent Senior Citizens.
Officials and officers of the Presidential Legislative Liaison Office (PLLO) led by Secretary Mark Llandro L. Mendoza participated in the said ceremony.
