Philippines DBM Assures Transparent Utilization of 2024 Budget

MANILA, Philippines – The Department of Budget and Management (DBM) has reassured the public of the transparent utilization of the PHP 5.768 trillion budget set for 2024. DBM Secretary Amenah Pangandaman emphasized the government’s commitment to efficient and effective resource management.

According to Philippines News Agency, the 2024 national budget will continue to prioritize responsible debt management, supporting the country’s recovery from the pandemic. This is in line with the Medium-Term Fiscal Framework (MTFF). She highlighted a projected decrease in the deficit from 6.1 percent in 2023 to slightly above 5 percent in 2024, marking progress towards the Marcos administration’s long-term fiscal consolidation.

“Our MTFF started with a very high deficit, exceeding 7 percent during the pandemic… We’re making steady progress, aiming to bring it down to 3 percent by 2028,” Pangandaman stated, noting the importance of responsible borrowing for productive purposes.

Echoing President Ferdinand R. Marcos Jr.’s commitment, Pangandaman emphasized the goal of avoiding burdensome debt for future generations. The DBM will honor the taxpayers and exercise fiscal discipline, she added.

Pangandaman also clarified the role of unprogrammed funds in the 2024 General Appropriations Act as standby appropriations, separate from the approved government fiscal program. These funds will address unforeseen expenditures and prioritize essential programs and projects. Built-in safeguards are in place to prevent unconstitutional spending, ensuring that unprogrammed funds are only released under specific conditions, such as excess revenue collection or the realization of financial loans or grants.

Government agencies will be required to submit necessary requirements to access the standby fund, ensuring legal spending limits are adhered to.