'Timely' passage of 2024 budget to support economic growth – NEDA

First Published by CNN Philippines on Dec 21, 2023, 10:16:02 AM

Metro Manila (CNN Philippines, December 21) — The "timely" passage of the ₱5.768-trillion budget for next year would help bolster the country's economic expansion, according to the National Economic and Development Authority (NEDA).

NEDA Secretary Arsenio Balisacan said approving the 2024 spending bill, which is 9.5% bigger than this year's, would allow government agencies to speed up the delivery of programs to the public, focused mainly on social and economic services.

President Ferdinand Marcos Jr. signed into law the government budget on Wednesday.

"Efficiently utilizing our budget and implementing our planned programs are crucial for us to achieve our socioeconomic goals and realize resilient and sustainable growth for the country, and better lives for the Filipino people," Balisacan said in a statement on Thursday.

Balisacan said government spending has been "a major driver of the economy in recent years," especially during the pandemic when some sectors were forced to limit their business activities.

The Department of Education (DepEd) secured the highest allocation at ₱924.7 billion, followed by the Department of Public Works and Highways and the Department of Health with ₱822.2 billion and ₱306.1 billion, respectively.

The 2024 budget does not include confidential and intelligence funds for civilian agencies, including the DepEd and the Office of the Vice President.

The requested secret funds of the Sara Duterte-led offices were realigned to agencies focused on national security to boost defense, particularly in the West Philippine Sea amid escalating tensions with China.