FUTURE-PROOFING | Budget Secretary Amenah Pangandaman leads the ceremonial turnover of the 2024 National Expenditure Program (NEP) to Congress on Wednesday, Aug. 2, 2023. (Photo from the Department of Budget and Management)
MANILA, Philippines 鈥� The proposed national budget for 2024 is intended to help secure a 鈥渇uture-proof and sustainable economy鈥� that is further recovering from the scars of the pandemic, in line with the Marcos administration鈥檚 eight-point socioeconomic agenda, according to Budget Secretary Amenah Pangandaman.
At P5.768 trillion, the National Expenditures Plan (NEP) or 鈥渢he President鈥檚 budget鈥� for next year is equivalent to about one-fifth (21.7 percent) of the country鈥檚 total economic output for the year. It is about one-tenth or 9.5 percent more than the P5.268-trillion budget for this year.
The education sector is expected to get the largest chunk of the proposed P5.768-trillion national budget for next year at P924.7 billion, while the public works sector is gunning for P822 billion.
The NEP showed that the allocation for the education sector went up by 3.29 percent from P895.2 billion to P924.7 billion.
Agri investments up
Next year鈥檚 allocation for the education sector includes P51.1 billion for the Universal Access to Quality Tertiary Education Program, P41 billion for education assistance and subsidies, P33.8 billion for basic education facilities, and P12 billion for textbooks and other instructional materials.
The NEP, as approved by President Ferdinand Marcos Jr., sets aside P30.9 billion to support programs meant to boost domestic production of rice, as well as P5.3 billion for corn and P1.9 billion for high-value crops or vegetables.
The budget chief said the numbers meant higher investments in agricultural support services such as irrigation and the construction and rehabilitation of fish ports across the country.
Speaker Ferdinand Martin Romualdez, who received the proposed NEP on behalf of the lawmakers, thanked the Department of Budget and Management for its early transmission, as it was submitted in less than 10 days since Congress opened its regular session last July 24.
鈥淟et me assure everyone that the House of the people understands fully well the need to pass the national budget on time. The national budget is crucial to maintaining economic stability, sustaining the country鈥檚 growth trajectory and facilitating the seamless implementation of government programs and projects. As such, it demands the House鈥檚 utmost attention and commitment,鈥� he said.
He assured that the budget will be 鈥減ork barrel-free鈥� and will be passed as a priority measure by the House before Congress goes on break in October.
Public works, health
Funding for the public works sector went down by 8 percent from P894.2 billion to P822.2 billion. This includes P163.7 billion for the Rail Transport Program, P148.1 billion for the Network Development Program, P17.3 billion for farm to market roads, and P6.4 billion for the Land Public Transportation Program.
The health sector鈥檚 funding 鈥� which came in third 鈥� decreased by 2.7 percent, from P314.7 billion to P306.1 billion.
This includes P101.5 billion for the National Health Insurance Program, P23 billion for the Health Facilities Enhancement Program, P22.3 billion for medical assistance to indigent and financially incapacitated patients, and P20 billion for public health emergency benefits and allowances for health care and non-health-care workers.
Other allocations for other priority sectors are:
- interior and local government, P259.5 billion
- defense, P232.2 billion
- transportation, P214.3 billion
- social welfare, P209.9 billion
- agriculture, P181.4 billion
- judiciary, P57.8 billion
- labor and employment, P40.5 billion
Pangandaman said P31 billion will be set aside for the National Disaster Risk Reduction Management Fund. Other related allocations are: P543 billion for climate change expenditures and P215.6 billion for flood management program.
The proposed budget also allocates P699.2 billion or 12.1 percent for the payment of the country鈥檚 debts.
Pangandaman said in a statement that priorities under the proposed 2024 General Appropriations Act include support for food security and proper nutrition for households, reducing energy costs, reducing transport costs, addressing learning losses (education), improving health, maintaining social protection.