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DBM says 2024 budget estimate out by 2nd week of May

The estimate for the Philippine budget for 2024 is set to be finalized by the second week of May, with the bulk of the expenditure program allotted for the social services sector.

According to Budget Secretary Amenah Pangandaman, the DBM has already asked government agencies and offices to submit their budget proposals by the end of the month.

“By May 7, or a little about the second week of May, we’ll have our more or less estimated budget,” she was quoted as saying in a statement released by the DBM.

“Our priorities are the same as this year. Of course, it’s aligned with our eight-point socioeconomic agenda and the Philippine Development Plan,” she added.

Pangandaman said the government is looking at retaining the same level of spending for the social services sector which accounts for 39% of the budget this year.

“We’ll have to look at their utilization also. With that sector, it will prioritize education; manpower development, including training of our workforce; health sector; and cash assistance to our marginalized sector,” she said.

For this year, President Ferdinand “Bongbong” Marcos Jr. signed into law. P5.268-trillion national budget, in line with the administration’s 2022-2028 medium-term fiscal framework.

“The 2024 budget again assumes that we’re going to open up the economy. In 2023, that’s what we did: going back to school, bringing the students back to school. So that’s economic activity for all of us. The same way with the health sector,” Pangandaman said. —VAL, GMA Integrated News