THE House of Representatives’ Committee on Appropriations on Tuesday (19 September 2023) sought the immediate plenary approval of the P5.786 trillion national government budget, stressing that the national expenditure program for 2024 was crafted to support post-pandemic recovery and shield the economy from external headwinds and inflationary pressures.
“Post-pandemic recovery continues to be budget’s main focus, while aiming towards the promised future of an inclusive and sustainable economy,” said AKO Bicol Partylist Rep. Elizady Co, chairman of the appropriations committee, in his sponsorship speech of House Bill 8990.
“Indeed, COVID-19 tested our resilience, strained our healthcare system, and affected our economy….And we continue to face the pressing issues like climate change, income inequality and healthcare disparities,” he added.
Co said the P5.786 trillion national expenditure program for next year, include a budget of P1.748 trillion for debt payments and other expenditures that are automatically appropriated by law. He said the general appropriations of P4.020 trillion is 9.5 percent higher compared to the 2023 while the P281.9 billion earmarked as unprogrammed fund is 65 percent lower versus the amount set for this year.
“The key priorities of the 2023 GAA are still education, healthcare, infrastructure, social services and social welfare and many others,” said Co.
He added that the budget has also placed special emphasis on President Ferdinand Marcos Jr.’s vision of building more legacy specialty hospitals such as the Heart and Kidney centers, more housing for the poor, and food sufficiency by providing more support to farmers.
The 2024 national budget will be funded through a combination of 53 percent revenue and 43 percent debt paper issuances. Of the total P2.46 trillion borrowings planned for next, 75 percent will be sourced from the domestic capital market to better manage the debt
“The timely passage of this measure is not just an obligation but our solemn responsibility,” said Co. “In this spirit, I urge every member of the this august body to take proactive steps and join members of the Committee on Appropriations in coming up with a collective decision and recommendations to approve HB number 8990, the FY 2024 General Appropriations Bill.”
The internal target of the House is to complete floor debates on HB8990 and transmit it to the Senate within two weeks. This would allow senators ample time to craft its version of the budget and get a final version signed by President Marcos into law before Christmas Day.
