House begins probe on proposed 2024 nat'l budget
DBCC Chairperson and Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman will provide an overview of the proposed national budget, which includes the budget’s dimensions and expenditure directions for 2024.
Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. and National Economic and Development (NEDA) Secretary Arsenio M. Balisacan will present the administration’s macroeconomic assumptions and growth targets over the medium term, while Department of Finance (DOF) Secretary Benjamin E. Diokno will discuss the government’s revenue collection performance and projects.
Anchored on the theme, “Agenda for Prosperity: Securing a Future-Proof and Sustainable Economy,” the proposed FY 2024 national budget is 21.7 percent of the country’s gross domestic product (GDP) and higher by 9.5 percent than the FY 2023 national budget.
To foster an enabling environment for social and economic transformation, the largest allocation of the proposed FY 2024 budget, or 38.0 percent will go to the Social Services sector with P2.18 trillion to fund health and social and education-related services. Meanwhile, P1.71 trillion or 29.6 percent of the budget will be provided to the Economic Services sector to continue high investments in public infrastructure through the Build-Better-More program.
The House of Representatives is targeting to approve on third and final reading the FY 2024 National Expenditure Program on or before September 30, 2023. (DBM/PIA-Caraga)
