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 for 2024 came a week after President Ferdinand “Bongbong” Marcos Jr.’s second State of the Nation Address , as the 1987 Constitution provides that the budget must be submitted within 30 days of this.
“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 said in a statement.
Once approved by Congress, the NEP will be known as the General Appropriations Bill, and will be known as the General Appropriations Act once passed into law., committing to spend 5% to 6% of the gross domestic product for the sector., 18.17% lower than the P674.2 billion fiscal gap in 2023.
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