Marcos signs P5.768-T 2024 budget; vows social, economic transformation

President Marcos has approved the P5.768-trillion national budget for 2024, which he said prioritizes programs that advance social and economic transformation.

Marcos signed the General Appropriations Act (GAA) of 2024 in a ceremony in Malacañan on Wednesday, Dec. 20.

In his speech, the President described the event as the “renewal” of the government’s contract with its people.

“Today, we sign the national budget, the instrument which tells how the taxes paid by the people will be returned to them,” he said.

“In effect, we are signing the renewal of our annual social contract with taxpayers that what they have paid faithfully will be rebated to them in full,” he added.

According to Marcos, the 2024 GAA was more than just a “spreadsheet” of amounts that will finance government operations as its fine print bankrolls the realization of the people’s dreams.

“It details our battle plan in fighting poverty and combatting illiteracy, in producing food and ending hunger, in protecting our homes and securing our border, treating the sick, keeping our people healthy, creating jobs, and funding livelihoods,” he said.

“In the end, every line in this budget, when translated to projects — from roads, to schools, to hospitals — will transform our country for the better and the lives of our people for the better,” he added.

The 2024 GAA is anchored in the framework provided by the Fiscal Year (FY) 2024 National Expenditure Program (NEP) that is geared towards achieving the Administration’s Medium-Term Fiscal Framework (MTFF), the Eight-Point Socioeconomic Agenda, and the Philippine Development Plan (PDP) 2023-2028.

According to Malacañang, the 2024 National Budget prioritizes expenditure items that advance social and economic transformation through programs that promote food security, reduction of transport and logistics costs, improved health system, strengthened social protection, sound fiscal management, and enhanced bureaucratic efficiency.

The national budget equals 21.7 percent of the country’s gross domestic product (GDP) and is 9.5 percent higher than last year.