The Department of Budget and Management (DBM) on Tuesday presented to the Office of the President the PHP5.768-trillion National Expenditure Program (NEP) for the fiscal year 2024, a day after President Ferdinand R. Marcos Jr. delivered his second State of the Nation Address (SONA).
The NEP was personally received by President Marcos on the same day he left for a state visit to Malaysia, slated until July 27.
“We will present this to Congress, we will defend the President’s budget as much as we can. Our [national] budget is a budget that is responsive to the pressing issues that we have now. At ito pong budget na to ay magsasabi na meron po tayong Bagong Pilipinas (This budget will tell us that we have new Philippines),” DBM Secretary Amenah Pangandaman said in a news release.
The NEP is the President’s proposed budget to be submitted to Congress for approval. This includes the planned government expenditure for the succeeding fiscal year as well as the allocated funds for different programs and initiatives.
The proposed budget entails a detailed breakdown of spending across sectors including education, health, agriculture and infrastructure. It encompasses funds reserved for government agencies and offices along with various programs and projects identified as the administration’s top priorities.
“Following Cabinet approval, the budget is ready for presentation. This budget will be submitted to the House of Representatives on Aug. 2,” Pangandaman said.
Pangandaman earlier expressed optimism that the 2024 General Appropriations Act will become a law by the end of this year.
“I’m hopeful that it would be faster, because last year, when we submitted the NEP, it was one week before the deadline,” she said.
Compared to the current year’s PHP5.268 trillion appropriations, the projected budget for the next year is 9.5 percent higher.
“The proposed national budget will continue to prioritize expenditure items that promote social and economic transformation through infrastructure development, food security, digital transformation, and human capital development,” Pangandaman said.
Under the Constitution, the national budget must be submitted to Congress within 30 days following the President’s SONA. (PNA)
Photo credit: Facebook/DBMgovph
