In order to prepare for the development of the 2024 budget proposal, the Department of…
Budget creation for 2024 must incorporate public input, says DBM’s chief
According to Budget Secretary Amenah Pangandaman, public input during the budget preparation process would help the government create a “responsive” spending plan for 2024.
Pangandaman recently invited the public to get involved in the creation of the 2024 national allocation, noting that their contribution is essential to including the Marcos administration’s development objectives in the budget for the next year.
“To achieve our goal of single-digit poverty level, reduce our deficit, and achieve the status of the country as a high-middle income nation, we want the people to participate in order to ensure that our budget is something that is responsive in adherence to our eight-point socioeconomic agenda and our PDP (Philippine Development Plan)…
As part of the planning process for creating the 2024 National Expenditure Program, the Department of Budget and Management (DBM) has already begun its series of budget discussions with national government agencies, government-owned or -controlled enterprises (NEP).
Pangandaman stated that as the DBM worked on the first full-year budget of the Marcos administration, it would also consult the commercial sector, local government units (LGUs), and the academic community.
“We are now creating our budget for 2024. We ask the LGUs, our GOCCs, and the national government entities to participate in our consultations, she stated.
According to Pangandaman, the DBM intends to present the budget framework by April.
use of the 2023 budget
In order to maintain the nation’s economic prosperity, Pangandaman emphasized the significance of using the 2023 budget allocations for all government departments.
She advised the state offices and departments to use at least 80 to 90 percent of their corresponding funds.
This is because, according to her, the 2023 budget was designed to help achieve the economic goals outlined in the Medium-Term Fiscal Framework (MTFF).
The eight-point socioeconomic plan is congruent with the PHP5.268 trillion budget that the President signed, she stated.
By guiding the economy back to its high-growth path in the near term and maintaining high, inclusive, and resilient growth through 2028, the 2023 national budget supports the Marcos administration’s overarching aims to revitalize job creation and eliminate poverty.
It also lays out the strategy for attaining the main objectives of the Marcos administration, including reducing the deficit to 3% of GDP by 2028, achieving a debt-to-GDP ratio of less than 60% by 2025, and achieving a poverty rate of 9% or lower by that date.***
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