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Thursday, December 21, 2023

Pres. Marcos Jr. signs into law the nat'l budget for 2024

Department of Budget and Management (DBM) Secretary Mina F. Pangandaman hailed President Ferdinand R. Marcos Jr.'s signing into law the P5.768 trillion General Appropriations Act (GAA) for Fiscal Year 2024.

"This is truly a timely gift for the Filipino people, a noteworthy legislation that marks a significant point in our ongoing efforts to stimulate robust economic growth and recovery," Sec. Pangandaman said.

"Its swift approval is, indeed, an exemplary representation of the government's unity and dedication, which play pivotal roles in achieving impactful results," she added.

The budget chief likewise recognized the work accomplished by the legislative departments.

"We also take this opportunity to acknowledge the tireless efforts of the members of both chambers of Congress, under the leadership of Senate President Juan Miguel F. Zubiri and House Speaker Martin G. Romualdez, for their diligent scrutiny and subsequent approval of the proposed national budget for 2024," Pangandaman pointed out.

"We strongly believe that the 2024 General Appropriations Act will facilitate the fulfillment of the administration's 2022-2028 Medium-Term Fiscal Framework (MTFF) and the 8-Point Socioeconomic Agenda, where no Filipino will be left behind," Pangandaman also emphasized.

DBM secretary further reiterated the DBM's duty in the f├│rmulation and implementation of the national budget.

"Rest assured that we remain committed to prudent fiscal management and the judicious allocation of resources in our bid to continue the advancement of the Filipino people and the overall betterment of our nation," she said.

In his message during the signing of the GAA, the President  emphasized the importance of the national budget as an instrument which tells how the taxes paid by the people will be returned to them.

"Although it is teeming with numbers, this budget is more than a spreadsheet of amounts or a ledger of projects. Rather, it details our battleplan in fighting poverty and combating illiteracy, in producing food and ending hunger and protecting our homes and securing our border, treating the sick, keeping our people healthy, creating jobs, and funding livelihoods," the President underscored.

He added, "It is wrong to say the budget merely pays for the overhead of the bureaucracy… It funds the elimination of problems that we, as a nation, must overcome… In the end, every line in the  budget, when translated to projects, from roads, to schools, to hospitals, will transform our country and the lives of our people for the better." (DBM/PIA-Caraga)