PRESIDENT Ferdinand “Bongbong” Marcos Jr. on Wednesday signed into law the P5.768-trillion national budget for 2024.
“Today, we signed the notional budget, the instrument which tells how the taxes paid by the people will be returned to them. In effect, we are signing the renewal of our annual social contract with taxpayers that what they have paid faithfully will be rebated to them in full,” Marcos said in his speech.
”Although it is teeming with numbers, this budget is more than a spreadsheet of amounts, or a ledger of projects,” the President added.
Marcos said the budget details the government’s battle plan ”in fighting poverty and combating illiteracy, in producing food and ending hunger, in protecting our homes and securing our border, treating the sick, keeping our people healthy, creating jobs, and funding livelihoods.”
The 2024 budget, ratified by the House and the Senate on December 11, is 9.5% higher compared to this year’s P5.268-trillion national budget.
He said every line of the budget would transform the Philippines for better lives of the people.
Marcos further underscored the most important budget commandment which is working for the people and not for among themselves.
”Honor the taxpayers who make the budget possible and in doing so we will bring closer to the brighter tomorrow that we aspire— for Bagong Pilipinas that we all envision for our people,” Marcos said.
Senator Sonny Angara, who chairs the Senate Committee on Finance, earlier said that the consolidated version of the 2024 General Appropriations Bill (GAB) has not allocated confidential and intelligence funds (CIF) for non-security agencies. Of the total proposed budget, Angara said at least P9 billion or 0.02% was allocated for CIF in 2024.
