MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. on Friday approved the 5.768 billion pula National Expenditure Program (NEP) for 2024, according to the Department of Budget and Management (DBM).
The 2024 NEP is 9.5% higher than this year’s P5.268 billion budget and represents 21.8% of the country’s gross domestic product.
DBM Secretary Amenah Pangandaman said the NEP for 2024 was created with the Philippines Development Plan (PDP) 2023-2028 and the eight-point socio-economic agenda in mind.
“It will continue to reflect our commitment to pursue economic and social transformation to address the scarring effects of the pandemic, as well as the impact of inflation, prioritizing ready-made investments in projects. infrastructure, investments in human capital development and sustainable agriculture and food security, among others,” Pangandaman said in a statement.
According to her, the NEP was the product of several factors, including the budget utilization rates of each agency and the alignment of their programs, activities and projects.
“We also referred to the agencies’ respective absorptive capacity, as we considered that a low budget utilization rate may reflect the agency’s limited ability to utilize additional funds,” Pangandaman said.
She said the NEP will be submitted to Congress a few weeks after the President’s State of the Nation address on July 24.
According to DBM, the NEP will serve as the government’s spending plan for each year and is deliberated in both houses of Congress.
Once approved, the program is enacted and will be known as the General Appropriation Act.
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