Congress aims to approve the P5.768-trillion national budget for 2024 before it goes on recess in October.
Speaker Martin Romualdez said President Ferdinand Marcos Jr. plans tosubmit to the House of Representatives his budget proposal immediately after his second State of the Nation Address today (Monday).
The proposed national expenditure is Equivalent to 21.8 percent of the gross domestic product (GDP) and is 9.5 percent higher than this year’s P5.268 trillion budget.
“Should that happen, surely we will pass the budget before our October break. We average five weeks of solid work on budget deliberations, consideration, review, and approval through the third reading. So we are confident with the processes and protocols and procedures that we have that we can finish the national 2024 budget. That is the most important piece of legislation,” he said.
The budget, Romualdez said, “aims to sustain the country’s economic growth, create more income and job opportunities for the people and improve their quality of life through the timely delivery of basic social services like education, health care, and infrastructure.”
During the deliberation on next year’s spending program, Congress would look into how the annual budget is being used and how laws, particularly the New Agrarian Emancipation Act, are being implemented.
“The emancipation law lifted the debt burden of our farmers. In other words, our farmers are exempted from their unsettled amortizations in the acquisition of their lots. We think that is one of the cornerstones of our President’s legislative agenda,” he said.
“We in Congress would have to oversee if it is properly implemented so we could help our farmers become productive for them to also help us lower the prices of commodities, such as rice, vegetables, and sugar.
We are excited to work on this,” he added.
He said the House of Representatives will expeditiously scrutinize, deliberate, and pass the national budget through a transparent process.
“Like last year, we will get the widest consensus on our spending plan among our members. Its approval is very crucial in maintaining stability and facilitating the seamless implementation of government programs and projects. It has significant implications for the country’s progress and development,” he said.
“Every centavo of the national budget will be spent wisely by ensuring that spending will contribute to economic and national development. We will be setting clear priorities and making informed decisions that would further promote sustainable growth aimed at uplifting the lives of Filipino people, enhancing public services, and making our economy strong and more agile,” Romualdez added.
