Study Room, Malacañan Palace
July 25, 2023
A day after delivering his second State of the Nation Address (SONA), President Ferdinand R. Marcos Jr. received the National Expenditure Program for Fiscal Year (FY) 2024 from Department of Budget and Management (DBM) Secretary Amenah Pangandaman at the Study Room in Malacañan Palace.
The National Expenditure Program (NEP) for FY 2024 or the proposed 2024 National Budget “shall continue to prioritize expenditures that will sustain economic growth bearing in mind inclusivity and sustainability, consistent with the Philippine Development Plan (PDP) 2023-2028 and the Administration’s 8-point socioeconomic agenda,” according to DBM Secretary Pangandaman.
Approved recently by President Marcos Jr. and his Cabinet, the proposed National Budget for FY 2024 is set at PhP5.768 trillion, equivalent to 21.8 percent of the gross domestic product (GDP), with the overarching goal to attain upper-middle-income status for the Philippines by reducing poverty rate to nine (9) percent or single digit by 2028.
The NEP is the national government’s spending plan for the next fiscal year. It will be known as the General Appropriations Bill once approved by Congress. Upon passage into law, the bill will be known as the General Appropriations Act (GAA).
Under the Philippine Constitution, the National Expenditure Program must be submitted to Congress within 30 days after the President’s SONA.
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