MANILA, Philippines – President Ferdinand Marcos Jr. has approved a National Expenditure Program (NEP) or a proposed budget for 2024 that’s 9.5% higher than the current government budget.

In a release, Budget Secretary Amenah Pangandaman said Marcos and his Cabinet had approved the NEP, which was set at P5.768 trillion. The amount is 21.8% of the Philippines’ gross domestic product.

Marcos convened a full Cabinet meeting on Thursday, June 22.

Pangandaman said the budget would “prioritize expenditures that will sustain economic growth, bearing in mind inclusivity and sustainability,” without giving more specifics. The budget is in line with the Marcos administration’s Philippine Development Plan (PDP) 2023-2028 and the administration’s 8-point socioeconomic agenda, said the budget chief.

Pangandaman said they would submit the proposed budget to the Congress weeks after Marcos’ second State of the Nation Address (SONA) on July 24. The executive must submit its proposed budget within 30 days after the SONA, the President’s yearly address before the Congress.

During the SONA, the chief executive traditionally highlights his administration’s milestones and lays out his priorities, including the legislation he wants Congress to pass.

In the Philippines, the Congress is almost always dominated by a majority that’s allied with the chief executive.

The Congress is supposed to scrutinize the proposed budget. Once it passes both chambers and is signed by the President, it becomes the General Appropriations Act for the fiscal year. – Rappler.com