Press Release
December 11, 2023

Congress ratifies P5.768 T national budget for 2024

The Senate on Monday, December 11, 2023, ratified the harmonized version of the 2024 General Appropriations Bill (GAB) which contains the proposed P5.768 trillion budget for next year.

The House of Representatives also ratified the bicameral conference committee report today.

After the ratification by both Houses of Congress, the government's spending plan bill will be transmitted to Malacanang for President Ferdinand "Bongbong" Marcos Jr.'s signature.

Sen. Sonny Angara, chairperson of the Committee on Finance and head of the Senate panel in the bicam, said the joint body committed to increasing the budget of the Department of National Defense and the Armed Forces of the Philippines in the light of the increasing tension in the West Philippine Sea.

Aside from the increase in the budget to improve the country's defense and peace and order capabilities, Angara said the other highlights of the 2024 GAB are:

  • Support for efforts to enhance self-reliance in agriculture, not only to raise the income of Filipino farmers and fisherfolks but also to ensure food security;

  • Education remains a top priority in the expenditure plan for 2024;

  • Additional funds for the health sector through augmentations for the Department of Health budget items such as the Medical Assistance to Indigent and Financially-Incapacitated Patients o MAIFIP program, and the Health Facilities Enhancement Program o HFEP;

  • Continued assistance to indigent individuals through different kinds of "ayudas" such as Assistance to Individuals in Crisis Situations (AICS), Sustainable Livelihood Program (SLP), Cash-for-Work under KALAHI-CIDSS, Supplementary Feeding Program, Social Pension for Indigent Senior Citizens and Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers Program;

  • More funds for the government's housing program;

  • Significant funds for infrastructure, for greater mobility through roads, bridges, railways, and seaports;

  • Budget to cover for efforts to protect the environment and respond to climate change;

  • Budget for the transition to renewable energy sources;

  • More budget to attract investors and to strengthen SMEs;

  • Innovation, science and technology, and research and development shall also remain key pillars of the government's efforts, and hence priorities in expenditure plans with augmentations to the budgets of the Department of Science and Technology (DOST), the Advanced Science and Technology Institute (ASTI), and many others; and,

  • The 2024 budget will also support the government's efforts for promoting the Philippines as a prime tourist destination, and preserving our culture and heritage, among others.

"Mr. President, these are just a few of the agreements in the bicameral conference regarding the national budget in 2024. We hope that this budget will help to achieve, under the leadership of President Marcos, the new Philippines that every Filipino dreams of. We are confident that this budget will provide certainty and hope during these uncertain times," Angara added.

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