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Tuesday, 12 December 2023

DBM hopeful on PBBM’s approval on ratified 2024 nat'l budget

Department of Budget and Management (DBM) Secretary Mina F. Pangandaman expressed her gratitude to the leadership and members of the Senate and the House of Representatives for the ratification of the P5.768 trillion General Appropriations Bill for 2024.

The budget secretary is confident that the ratified 2024 General Appropriations Bill will help the administration of President Ferdinand Marcos Jr., accomplish its 2022-2028 Medium-Term Fiscal Framework (MTFF) and 8-point socioeconomic agenda.

"The swift ratification of our proposed 2024 budget is a testament to the commitment and strong support of our esteemed lawmakers to ensure the enactment of the 2024 national budget on time. We are grateful to the leadership and members of both the Senate and House of Representatives for this development as this will continue to boost our efforts in achieving our development agenda," Secretary Pangandaman said.

The secretary highlighted the key MTFF targets that guided the legislative agenda: 6.5% to 7.5% real gross domestic product (GDP) growth in 2022; 6.5 to 8% real GDP growth annually between 2023 to 2028; 9% (i.e., single-digit) poverty rate by 2028; at least $4,256 income per capita attainment of upper-middle-income status, among others.

Meanwhile, the 8-point socioeconomic agenda focused on food security, improved transport, affordable and clean energy, healthcare, social services, education, bureaucratic efficiency, and robust fiscal management.

The 2024 GAB allocated the largest budget share to the social services sector, which encompassed health, education, culture, manpower development, as well as social security, welfare, and employment among other key areas. Adhering to the provisions in the 1987 Constitution, the budget for education continued to be given utmost prioritization.

It represented 21.7 percent of the country’s GDP, and reflected an increase of 9.5 percent compared to the Fiscal Year 2023 national budget.

Pangandaman likewise highlighted the huge chunk of budget allocated for infrastructure spending, targeting to remain at 5.0 to 6.0 percent of GDP over the medium term.

"Aligned with the directive of President Bongbong Marcos, we shall continue to support and sustain the momentum of the Build-Better-More Program with a proposed allocation of P1.42 trillion, higher by 6.6 percent compared to this year," the budget chief emphasized.

Following the ratification of the budget, the bill is scheduled for registration, printing, and subsequent transmission to the Office of the President. (DBM/PIA-Caraga)