PRESIDENT Ferdinand Marcos Jr. and his Cabinet have approved the P5.768 trillion National Expenditure Program for 2024, the Department of Budget and Management said Friday, June 23, 2023.
Pangandaman said this budget is crucial in achieving the goal of attaining upper-middle-income status, cutting the deficit to three percent of GDP, and lowering the poverty rate to nine percent by 2028, which is the end of Marcos’ six-year term. According to the Philippine Statistics Authority, the poverty incidence was 18.1 percent in 2021 among Filipinos, and 13.2 percent among Filipino families. Poverty was defined as living below the poverty threshold of about P12,030 a month for a family of five.
Pangandaman said the budget reflects the government's commitment to address the impact of the Covid-19 pandemic and inflation through investments in infrastructure projects, human capital development and sustainable agriculture.
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