DBM hands over Fiscal Year 2024 National Expenditure Program to Marcos
The Department of Budget and Management (DBM) handed over on Tuesday to President Ferdinand Marcos Jr. a copy of the Fiscal Year 2024 National Expenditure Program (NEP) prior to its submission to Congress on August 2.
The FY 2024 NEP amounts to P5.768 trillion, 9.5 percent higher than the FY 2023 General Appropriations Act (GAA), and corresponding to 21.7 percent of the country’s gross domestic product (GDP).
With the 2024 expenditure program, the government aims to continue strengthening the purchasing power of Filipinos; reducing vulnerability and mitigate scarring from the COVID-19 pandemic; and, ensuring sound macroeconomic fundamentals.
According to DBM’s submission, the programmed general appropriations covering the national government operating requirements and funding for the agencies will amount to P4.020 trillion.
On the other hand, automatic appropriations including the National Tax Allotment (NTA) for Local Government Units, Bangsamoro Autonomous Region in Muslim Mindanao Annual Block Grant, and debt service among others, will be P1.748 trillion.
By expense class, maintenance and other operating expenses will account for 37.4 percent of the budget, followed by Personnel Services (29.4 percent), Capital Outlays (21.6 percent), and Financial Expenses (11.6 percent).
In terms of sectoral allocation, almost 70 percent of the FY 2024 budget is allocated for economic (29.6 percent) and social services (37.9 percent). The rest are allocated for General Public Services (15.5 percent), debt burden (12.1 percent), and, defense (4.9 percent).
National government agencies will receive the bulk of the budget at 67.0 percent, followed by local government units (17.5 percent), creditors for interest payments (11.6 percent), and government-owned and controlled corporations (GOCCs) and net lending (3.9 percent).
Budget allocation for some sectors saw an increase from earlier Cabinet presentation as against the finalized NEP.
Education got P924.7 billion in finalized NEP; public works, P822.2 billion; health, P306.1 billion; and transportation, P214.3 billion. Presidential News Desk
