The Marcos administration’s focus on a “future-proof and sustainable economy” is significantly reflected in the Philippines’ draft national budget for 2024. Budget Secretary Amenah Pangandaman unveiled the proposed budget, amounting to P5.768 trillion, that showcases the government’s commitment to recovering from the lingering impacts of the pandemic.
A Strong Focus on Education and Public Works
Education emerges as the primary recipient in the 2024 National Expenditures Plan (NEP) with an allocation of P924.7 billion, reflecting a 3.29 percent increase from the previous year. This allocation underlines the government’s determination to enhance the quality of education through significant investments in various programs and facilities.
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Public works follows closely, with a proposed budget of P822 billion, despite an 8 percent decrease from the previous year’s budget. This includes significant funding for programs aimed at developing transportation networks and infrastructure, such as the Rail Transport Program, Network Development Program, farm-to-market roads, and the Land Public Transportation Program.
Investments in Agriculture and Health Sector
The proposed budget showcases an increased emphasis on agricultural support, with P30.9 billion dedicated to boosting domestic rice production and investments in support services such as irrigation, fish port construction, and rehabilitation.
In contrast, the health sector experienced a slight decrease of 2.7 percent in funding, amounting to P306.1 billion. This allocation covers programs such as the National Health Insurance Program, Health Facilities Enhancement Program, medical assistance for indigent patients, and public health emergency benefits for healthcare workers.
Other Key Allocations
Apart from the major sectors, other priority sectors include:
- Interior and local government: P259.5 billion
- Defense: P232.2 billion
- Transportation: P214.3 billion
- Social welfare: P209.9 billion
- Agriculture: P181.4 billion
- Judiciary: P57.8 billion
- Labor and employment: P40.5 billion
Additionally, P31 billion will be reserved for the National Disaster Risk Reduction Management Fund, with other related allocations like P543 billion for climate change expenditures and P215.6 billion for flood management programs.
The proposed budget also considers P699.2 billion or 12.1 percent for the payment of the country’s debts.
A Commitment to Transparency and Timely Approval
Speaker Ferdinand Martin Romualdez expressed gratitude for the prompt submission of the proposed NEP, assuring that it would be “pork barrel-free” and a priority measure to be passed by the House before Congress goes on break in October.
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The draft budget exemplifies the government’s dedication to key areas like education, public works, agriculture, and health. By aligning its focus with the Marcos administration’s eight-point socioeconomic agenda, the proposed budget represents a strategic roadmap toward building a resilient, sustainable economy, and addressing vital societal challenges such as food security, energy costs, transport costs, learning losses, health improvements, and social protection.
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