House receives proposed P5.768-T national budget
THE Department of Budget and Management (DBM) on Wednesday submitted to President Ferdinand “Bongbong” Marcos Jr. the proposed P5.768-trillion national budget for 2024.
Among those present at the event were DBM Secretary Amenah Pangandaman, Speaker Ferdinand Martin Romualdez, and Ako Bicol Rep. Elizaldy Co who is the chairman of the House of Representatives Committee on Appropriations.
Romualdez said that for next year, the priorities of the administration are food security; reduction of transport, logistics and energy costs; arresting learning losses; health and social protection; improving bureaucratic efficiency and sound fiscal management.
Romualdez said he was told that the proposed budget includes funds to support the country’s climate change initiatives, local government empowerment and the development of the Bangsamoro Autonomous Region of Muslim Mindanao.
He also said that the House would deliberate on the proposed budget “in a very transparent manner” and would “get the widest consensus for our spending plan.”
Romualdez said that the House majority bloc would listen to the concerns of lawmakers from the minority bloc.
“We will make sure that every centavo of the national budget will be spent wisely”, he said.
The House aims to approve the proposed budget before Congress goes on its October break. The first budget briefing at the House is on August 10.
The proposed 2024 national budget is P500 billion higher than this year’s P5.268-trillion budget.
Under the 1987 Constitution, the President shall submit to Congress within 30 days “from the opening of every regular session, as the basis of the general appropriations bill, a budget of expenditures and sources of financing, including receipts from existing and proposed revenue measures.”
The 19th Congress opened its second regular session last July 24.
The Constitution states that all appropriation bills shall originate exclusively from the House but that the Senate may propose or concur with amendments.
