Swift enactment of P5.8-T 2024 national budget demonstrates PBBM admin and legislature’s strong collaboration and firm resolve to accelerate economic growth

Finance Secretary Benjamin E. Diokno has underscored that the swift enactment of the PHP 5.768 trillion General Appropriations Act (GAA) for 2024 is a testament to the strong collaboration and firm resolve of President Ferdinand R. Marcos, Jr.’s administration and members of both Houses of Congress to accelerate economic growth in the country.

The ceremonial signing of the 2024 GAA was held on December 20, 2023 at the Malacañang Palace, just a few days after both houses of Congress ratified the bill on December 11, 2023.

“With this budget, we are well-equipped to continue the pursuit of economic transformation achieved under the FY 2023 National Budget and further accelerate our push towards realizing the socio-economic development goals of the Marcos, Jr. administration,” Secretary Diokno said.

The 2024 National Budget was crafted according to the Medium-Term Fiscal Framework (MTFF) and will prioritize expenditures in line with President Marcos, Jr.’s 8-Point Socioeconomic Agenda and the goals under the Philippine Development Plan (PDP) 2023-2028.

“The 2024 National Budget was carefully optimized to drive the country towards a future of inclusivity and sustainability, ensuring that every peso is used efficiently to benefit every Filipino,” he added.

The government’s national budget for next year is equivalent to 21.7 percent of the country’s gross domestic product (GDP) and is 9.5 percent higher than the PHP 5.268 trillion budget for 2023.

The Social Services sector was allocated the largest share of the budget to improve the quality of life of Filipinos. This was followed by the Economic Services sector, which provides high investments in public infrastructure through the Build Better More Program.

The General Public Services received substantial allocation to cover the expenditures for public order and safety, civil service, and general administration followed by Debt Burden to cover interest payments on local and foreign borrowings, as well as net lending to government corporations; and Defense to ensure the country’s territorial integrity and sovereignty.

“We are signing the renewal of our annual social contract with taxpayers, that what they have paid faithfully