Sec. Amenah Pangandaman presents the P5.768 trillion 2024 NEP to Speaker Romualdez at the House of Representatives, alongside officials including DBM Asec. Dela Vega, Usec. Abuel, Dr. Basilio, Leader Libanan, Chairman Rep. Co, Speaker Gonzales Jr., Leader Dalipe, and Vice Chairperson Quimbo.
MANILA, Philippines — House Speaker Ferdinand Martin G. Romualdez has said that the P5.768-trillion proposed 2024 national budget will prioritize boosting agricultural production and reducing transportation costs.
In a statement on Wednesday, Romualdez emphasized that the budget would increase allocations for the Department of Agriculture’s key programs.
“The national budget will provide increased allocations for the Department of Agriculture’s banner programs to boost the production of prime commodities such as rice, corn and high-value crops, and fisheries among others,” he said.
To improve infrastructure and reduce logistical expenses, Romualdez indicated that the government is keen on investing more through the administration’s Build Better More Program.
“As such, the bulk of the infrastructure budget will be allocated for physical infrastructure aimed at improving connectivity throughout the country through the construction of accessible road networks and railways,” he said.
The proposed budget also emphasizes on improving the education sector.
“Education remains our top priority as mandated by the Philippine Constitution, sharing 16 percent of the proposed national budget, or an increase of 3.3 percent owing to higher provisions for Basic Education Facilities Program, School-Based Feeding Program, instructional materials, and other learning resources,” Romualdez detailed.
The health sector is also set to receive a significant boost.
“The health sector will have ample budget support for programs that provide accessible and inclusive public health services. Specifically, a higher allocation will be provided for the National Health Insurance Program, which aims to subsidize the health premiums of the vulnerable sector pursuant to the Universal Health Care Law,” he said.
Romualdez underlined the aim of the budget proposal to fund renewable energy projects and energize all barangays by 2028, along with providing substantial allocations for social protection programs like Pantawid Pamilyang Pilipino Program.
Moreover, the Speaker said, “Sufficient funding would be given to the Bangsamoro Autonomous Region in Muslim Mindanao and to the Marawi Siege Victims Compensation Program to assist displaced persons and victims who lost private properties during the Marawi siege in 2017.”
The 2024 budget proposal is grounded in President Marcos’ “Agenda for Prosperity: Securing a Future-Proof and Sustainable Economy,” with Romualdez noting that the budget “has been designed to spur the country’s high-growth trajectory, with the Philippines targeting to attain upper-middle-income status by 2025 while maintaining strong financial footing.”
(This article was generated with the aid of artificial intelligence and reviewed by an editor.)