Philippine Senate Greenlights Record P5.77 Trillion Budget for 2024

The Philippines’ Senate has recently approved a massive P5.768 trillion fiscal spending plan for the year 2024. This decision, manifesting as House Bill No. 8980, garnered 21 affirmative votes, with no opposition and one abstention. The abstention came from Senate Minority Leader Aquilino “Koko” Pimentel, who expressed his ongoing concerns about the use of presidential certification for the budget, especially in the absence of an immediate emergency or calamity. Senators Pia and Alan Peter Cayetano were not present for the voting. The 2024 budget, declared urgent by President Ferdinand Marcos Jr. last September, is expected to be signed by the President around mid-December, as indicated by Finance Secretary Benjamin Diokno in a prior briefing.