DBM submits proposed 2024 budget to Congress
The Budget department submits to Congress a more than 5.6 trillion peso proposed spending plan for 2024.
Xianne Arcangel has the details.
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Xianne Arcangel has the details.
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NewsTranscript
00:00 With a goal of inclusive economic growth, the administration is proposing a P5.768 trillion peso budget for 2024.
00:08 Budget Secretary Amena Pangandaman led the submission of the National Expenditure Program to the House of Representatives.
00:15 The proposal is higher by over 9 percent from the current spending plan of nearly P5.3 trillion pesos.
00:22 Over P2 trillion pesos will go to social services, while almost 30 percent or P1.7 trillion pesos is for economic services.
00:30 That payments amount to almost P700 billion pesos.
00:34 In line with the Constitution, education will receive the biggest share at over P900 billion pesos.
00:41 Free college tuition, subsidies, and the construction of new classrooms will get large amounts from the education budget.
00:48 Meanwhile, the Transportation Department will double its spending.
00:52 From the current P106 billion pesos, the DOTR has a proposed allocation of P214 billion pesos.
00:59 Over 70 percent of the agency's budget will go to rail transport, including the construction of the North-South Commuter Railway and the Metro Manila Subway.
01:08 The Social Welfare and Development Department is seeking P210 billion pesos, P10 billion pesos more than this year.
01:16 Its big-ticket programs include the Pantawid Pamilyang Pilipino, pension for poor senior citizens, and food stamps.
01:23 The Agriculture Department's proposed budget is higher by nearly P8 billion pesos.
01:28 The money will fund irrigation projects and programs to keep the supply and price of rice stable.
01:34 Over P500 trillion pesos has been allotted for efforts to address climate change, while flood management initiatives will receive over P200 billion pesos.
01:44 Pangandaman defends the confidential and intelligence funds with over P10 billion pesos.
01:49 The Office of the President, Office of the Vice President, Department of National Defense, Education Department, and Interior and Local Government Department are among the agencies with the largest confidential and intelligence funds.
02:03 There are guidelines from COA on how to use the funds. It's not a budget that if given, they can actually disburse it and use it.
02:17 There's full transparency in terms of the request for these funds.
02:21 Speaker Martin Romualdez says the House will prioritize the budget's timely passage.
02:26 I'm confident that the House of Representatives will be able to scrutinize, deliberate, and pass a national budget that is pork barrel free for 2024 before we go on our first recess in October.
02:39 In a statement, Albay Representative Edsel Lagman says Congress must trim the "budgetary fat" and make sure funds are not wasted on favored agencies.
02:50 The Appropriations Committee will begin budget deliberations on August 10.
02:54 10. See you in Arcangel, CNN Philippines.