Philippine Senate Commences Detailed Examination of 2024 National Budget

MANILA, PHILIPPINES — The Philippine Senate has initiated plenary debates on the proposed 2024 national budget as detailed in House Bill No. 8980, also known as the 2024 General Appropriations Act (GAA). The discussion, led by Senator Sonny Angara, the chairperson of the Committee on Finance, began on Wednesday.

According to Philippines News Agency, the Senate Committee on Finance, Senator Angara presented the bill, outlining the specifics of the PHP5.768 trillion proposed expenditure for the national government in the following year. During his sponsorship speech on Tuesday, Angara highlighted that the budget draft reflects a strategic vision of the Marcos Administration to stimulate economic growth, address poverty, reduce budget deficit and national debt, and to support the transformation of the economy, aiming to strengthen the Philippines’ position as an upper middle-income country.

The proposed budget aligns with the government’s eight-point socioeconomic agenda, which includes priorities such as Food Security, Improved Transportation, Affordable and Clean Energy, Health Care, Education, Social Services, Sound Financial Management, and Bureaucratic Efficiency. These priorities are supported by the Medium-Term Fiscal Work (MTFF) and the 2022 – 2028 Philippine Development Plan.

Senator Angara emphasized that the proposed 2024 budget represents over 20 percent of the national GDP and is a 9.5 percent increase from the 2023 national budget. The Senate aims to approve the bill “on or before” November 27 and will then collaborate with the House of Representatives to reconcile any differences in their respective versions of the bill on November 29. The goal is to sign the bicameral committee report by December 6, with expectations for President Ferdinand R. Marcos Jr. to sign the finalized 2024 GAA by December 16.