The government is on track to achieving its development goals following the speedy approval of the 2024 General Appropriations Bill by the House of Representatives, Budget Secretary Amenah Pangandaman said Thursday.
The bill received the majority vote, with 296 lawmakers voting in the third and final reading. The House also agreed to delegate a small committee to evaluate the proposed amendments before transmitting it to the Senate.
“The approval of the bill is a solid indication that we are on track for the timely enactment of the 2024 national budget— we are on track to achieving our Agenda for Prosperity – para sa Bagong Pilipinas,” Pangandaman said in a statement.
The proposed P5.768-trillion national budget for 2024 is 9.5 percent higher than this year’s P5.267 trillion. It represents about 21.7 percent of the Philippines’ gross domestic product.
Once the House and the Senate approved their versions of the 2024 GAB, both houses will form the bicameral conference committee. The harmonized or “bicam” version of the budget bill will be given to both houses to vote for its ratification.
The ratified 2024 GAB will be sent to the President who can veto or place conditions on certain items in the General Appropriations Act (GAA). The budget legislation concludes when the President signs the GAA into law.
Before the approval of the 2024 GAB, the legislators duly deliberated and endorsed the budget provision for the Department of Budget and Management (DBM) and the lump sum funds for the subsequent year.