President Ferdinand Marcos Jr. approved the P5.768 trillion National Expenditure Program for 2024, according to the Department of Budget and Management on Friday. | JMangaluzINQ
“It shall continue to reflect our commitment to pursue economic and social transformation to address the scarring effects of the pandemic, as well as the impact of inflation, by prioritizing shovel-ready investments in infrastructure projects, investments in human capital development, and sustainable agriculture and food security, among others,” Pangandaman said in a statement.
According to Pangandaman, the NEP was a product of several factors, including each agency’s budget utilization rates as well as the alignment of their programs, activities and projects. “We also referred to the agencies’ respective absorptive capacity, as we considered that a low budget utilization rate may reflect the agency’s limited capacity to utilize additional funds,” Pangandaman said.
Pangandaman said the NEP will be submitted to Congress a few weeks after the President’s State of the Nation Address on July 24. According to the DBM, the NEP will serve as the government’s spending plan for each year, and is deliberated in both chambers of Congress. Once it is approved, it is signed into law and will be known as the General Appropriations Act.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Marcos declares every June 20 as National Refugee DayPresident Ferdinand "Bongbong" Marcos Jr. has declared June 20 of every year as National Refugee Day.
Read more »
Marcos declares June 20 as Nat'l Refugee DayPresident Ferdinand 'Bongbong' Marcos Jr. has declared June 20 of every year as National Refugee Day.
Read more »
Marcos tells LGUs: Make sure vulnerable Filipinos get bivalent COVID-19 shotsPresident Ferdinand Marcos Jr. has urged local government units to encourage the elderly and those with comorbidities to receive bivalent COVID-19 vaccines, saying they remain vulnerable despite the drop in cases.
Read more »
Marcos: Gov't to launch media literacy campaign vs fake news
Read more »
Marcos warns: PH soil under threatThe Philippines' soil is under threat, and this could lead to a 'worse crisis' in the future if neglected. President Ferdinand 'Bongbong' Marcos Jr. sounded this alarm during the first National Soil Health Summit on Wednesday, June 21. ManilaBulletin
Read more »
Marcos honors Covid vax makers, health workersPresident Ferdinand “Bongbong” Marcos Jr. on Wednesday, June 21, hailed those behind the manufacturing and administering of the Covid-19 vaccines as he credited them for allowing society to return to normalcy. ManilaBulletin READ:
Read more »