Navigating New Horizons: The Philippines’ P5.768-Trillion Budget for 2024

Philippines’ 2024 National Budget Signed by President Marcos

President Ferdinand “Bongbong” Marcos Jr. recently signed into law a P5.768-trillion national budget for 2024, marking a 9.5% increase from the previous year’s P5.268-trillion budget. This budget aims to act as a tool for redistributing the taxes paid by citizens, effectively renewing the social contract with taxpayers. President Marcos highlighted the budget’s focus on combating poverty, illiteracy, hunger, and boosting health, job creation, and livelihoods​​.

Key Aspects of the 2024 Budget

• Senator Sonny Angara, chair of the Senate Committee on Finance, stated that the 2024 General Appropriations Bill does not allocate confidential and intelligence funds for non-security agencies. The budget allocates at least P9 billion for such funds, focusing on prioritizing economic growth and addressing inflation​​.
• The budget saw the resolution of confidential funds issues in the Office of the Vice President and the Department of Education (DepEd). President Marcos affirmed the importance of 2023 as a year of structural changes in fiscal, monetary, and spending policies​​.
• Senate President Juan Miguel Zubiri emphasized the budget’s transparency and accountability, particularly concerning confidential funds. He noted the increased budget for the Philippine Coast Guard, reinforcing the country’s defense and security efforts​​.
• Critiques and concerns were raised by Senate Minority Leader Aquilino Pimentel III and House Deputy Minority Leader France Castro, highlighting areas in the budget that they deemed insufficient or questionable. Castro pointed out issues in the allocation for Basic Education Facilities and questioned the exemption of the Procurement Law for Revised AFP Modernization​​.