"Consistent with the macroeconomic assumptions and foregoing fiscal targets, the national government is currently preparing the Fiscal Year 2024 proposed national budget, amounting to P5.768 trillion, higher by 9.5% compared to this year’s [P5.268 trillion] budget," Budget Secretary Amenah Pangandaman said at a press conference following the 185th meeting of the Development Budget Coordination Committee .
"The proposed national budget will continue to prioritize expenditure items that promote social and economic transformation through infrastructure development, food security, digital transformation, and human capital development," the DBCC said. Under the 2023 budget, the government set aside P206.5 billion for subsidies and cash support, or ayuda, to mitigate the impact of high inflation.
The administration aims to submit the proposed 2024 budget nearly a week after President Ferdinand Marcos Jr. delivers his second State of the Nation Address on July 24.
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