SPEAKER URGES HOUSE TO PASS PROPOSED FY 2025 NATIONAL BUDGET BY SEPTEMBER

The House of Representatives officially begins deliberations on the proposed Php 6.352 trillion National Budget for 2025 with a briefing by the Development Budget Coordination Committee (DBCC) to the House Committee on Appropriations today, August 5, 2024.

In his opening remarks, House Speaker Ferdinand Martin G. Romualdezhighlighted the fundamental role of the House of Representatives in scrutinizing, clarifying, and deliberating the proposed national budget for next year.

Composed of Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, Department of Finance Secretary Ralph G. Recto, National Economic and Development Authority Secretary Arsenio M. Balisacan, and Bangko Sentral ng Pilipinas Governor Eli M. Remolona Jr., the DBCC then provided updates on the government’s medium-term macroeconomic growth targets, fiscal program, and overview of the proposed National Budget.

House Speaker Romualdezfurther called on the members of the House to pass the proposed FY 2025 National Budget by September 2024: “I enjoin all of you to pass the national budget before the session adjourns in September and transmit the same to the Senate.”

DBM Secretary and DBCC Chairperson Pangandaman welcomed the Speaker’s call and expressed her high hopes that the budget will be passed immediately so that the country will remain on track with its Agenda for Prosperity.

“We have worked very hard to make our proposed National Expenditure Program align with our Philippine Development Plan, bearing in mind our need to stay on track with our Agenda for Prosperity, and our goals of fulfilling the needs and aspirations of the Filipino people under a Bagong Pilipinas,” the Budget Chief said.

Meanwhile, House Committee on Appropriations Chairperson Elizaldy S. Co and Senior Vice Chairperson Stella Luz A. Quimbo urged their fellow lawmakers to take proactive steps and join the Committee on Appropriations in crafting the best version of the Php 6.352 trillion budget for next year.

The proposed FY 2025 national budget is equivalent to 22.1 percent of the country’s gross domestic product (GDP) and is higher by 10.1 percent than this year’s national budget.

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