#NationalBudgetProposal

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A Bright Future: Economic Transformation in 2024

  Building on Early Gains: A Call for Transformation

In a resolute push for sustained development, President Ferdinand R. Marcos Jr. emphasized the need for the Philippines government to seize the momentum and amplify its efforts over the next five years. In his 2024 Budget Message delivered to Congress, President Marcos outlined a vision of transformative development, rooted in both government-wide collaboration and societal engagement.   A Roadmap to Transformation: Government's Vision President Marcos articulated the imperative for the government to leverage its initial achievements as a foundation for comprehensive transformation. He underlined that this trajectory is not just about effectiveness but is aimed at ushering in a holistic transformation. The 2024 National Expenditure Program (NEP) was officially presented to lawmakers on August 2, marking a crucial milestone in the nation's developmental journey.  

Confronting Economic Challenges: Path to Recovery

Highlighting the challenges encountered in the previous year's pursuit of economic recovery, President Marcos specifically addressed inflation as a significant obstacle. To strategically navigate these headwinds, the Medium-Term Fiscal Framework (MTFF) was conceived by economic managers, receiving an endorsement from both Houses of Congress. This framework has evolved into a strategic blueprint for economic transformation, fueling a renewed sense of confidence and determination to propel the nation toward peace and progress.   Transformative Targets: The Essence of MTFF Embedded within the MTFF are explicit, measurable, and realistic macroeconomic and fiscal objectives. These encompass an annual GDP growth rate of 6.5 to 8.0 percent between 2023 and 2028, achieving a single-digit poverty rate of 9.0 percent by 2028, and a 3.0 percent National Government deficit to GDP ratio by 2028. Additional targets involve reducing the national government debt to GDP ratio to below 60 percent by 2025 and achieving an upper middle-income status, represented by at least US$4,256.00 gross national income (GNI) per capita, by 2025.  

A Robust Budget Proposal: Paving the Way for Transformation

The proposed 2024 national budget, amounting to Php5.768 trillion, stands as a significant allocation equivalent to 21.7 percent of GDP. This figure reflects a 9.5 percent increase from the FY 2023 General Appropriations Act (GAA) of Php5.268 trillion. The budget proposal is a testament to the government's commitment to provide the necessary resources to propel economic transformation as encapsulated in the Philippine Development Plan (PDP) spanning from 2023 to 2028.   Enhancing Purchasing Power and Economic Resilience The Department of Budget and Management (DBM) emphasized the proposed budget's intention to enhance public purchasing power, particularly in the face of escalating fuel prices and recent calamities. Key priorities within the budget include bolstering agriculture and agrarian reform, funding renewable energy initiatives, reducing logistics costs, and expanding social protection coverage.   A Vision of Transformation: Bridging Capabilities and Prosperity President Marcos underscored that the Philippine Development Plan (PDP) aligns with the administration's 8-Point Socioeconomic Agenda, aiming to realize the country's long-term vision. This multifaceted approach centers on reinforcing people's capabilities and safeguarding their purchasing power. Simultaneously, it strives to elevate production sectors to generate quality jobs and competitive products, creating a positive ripple effect across the economy.   A Collaborative Ecosystem for Progress President Marcos conveyed his optimism for the transformative journey ahead, emphasizing a collaborative stance that embraces the private sector and the various branches of government, notably Congress. Reflecting on the shared endeavor, he concluded, "Our journey has just begun. We will march on—one nation, one people building a better future together." As the Philippines continues its voyage toward transformation, the 2024 Budget Message sets the stage for a nation united in its pursuit of lasting progress and prosperity.   Sources: THX News & PCO. Read the full article