OP seeks over P1.6-B for capital outlays for 2024

The Office of the President is seeking a total of P1,676,205,000 for its capital outlays expenses for the fiscal year 2024.

The amount indicated in the 2024 National Expenditure Program is 183.7% higher than the P590,794,000 budget for 2023.

The capital outlays include property, plant, and equipment outlay; land outlay; land improvement outlay; buildings and other structures; machinery and equipment outlay; transportation equipment outlay; furniture, fixtures, and books outlay; other property plant and equipment outlay; and intangible assets outlay.

According to the Department of Budget and Management (DBM), capital outlays or capital expenditures refer to appropriations for the purchase of goods and services, the benefits of which extend beyond the fiscal year and which add to the assets of the government, including investments in the capital stock of GOCCs and their subsidiaries.

GMA News Online already reached out to the Presidential Communications Office and the DBM for comment on where this huge amount of money will specifically be spent but they have to reply as of posting time.

President Ferdinand "Bongbong" Marcos Jr.'s office is proposing a total budget of P10,645,573,000 for next year, which is higher compared to the P9,091,722,000 for 2023.

Part of the total amount was P1,222,391,000 for personnel services and P7,746,977,000 for maintenance and other operating expenses. —VAL, GMA Integrated News