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PRESIDENT Ferdinand R. Marcos Jr. on Wednesday, December 20, 2023, led the ceremonial signing of the P5.768-trillion 2024 national budget.<\/p>\n
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The President called on agencies to carry out the expenditure program lawfully and to honor the taxpayers who made the next year\u2019s budget possible.<\/p>\n
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Speaking during the signing ceremony in Malaca\u00f1ang, President Marcos reminded agencies implementing the expenditure program to fight red tape \u201cthat leads to underspending and overspending that disregards legal guardrails,\u201d emphasizing further that these are \u201ctwo sides of the same coin.\u201d<\/p>\n
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\u201cImplementation delay and illegal deviations inflict the same havoc of denying the people of the progress and development that they deserve,\u201d he said.<\/p>\n
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\u201cSo, with this reminder comes the most important budget commandment that we must all receive. We are working for the people not for ourselves. We are working for the country not for ourselves,\u201d he stated.<\/p>\n
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Wednesday\u2019s signing is the renewal of the government\u2019s annual social contract with taxpayers, that what they have paid faithfully will be rebated to them in full, he said.<\/p>\n
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According to the President, the 2024 national budget details the administration\u2019s battle plan in fighting poverty and combating illiteracy, in producing food and ending hunger, in protecting our homes and securing our border, in keeping people healthy, in creating jobs and funding livelihood.<\/p>\n
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It is not only intended to pay for the overhead of the government\u2019s bureaucratic operations but also to fund the elimination of problems that the nation must overcome, he noted.<\/p>\n
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And although he wishes to wipeout in one budget cycle all the government\u2019s infrastructure backlog, it is curtailed by what the State can collect and by what the tax coffers contain, he added.<\/p>\n
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\u201cWe can be reckless, take the easy path, borrow, let our children pick today\u2019s tab up tomorrow. But debt is not the kind of inheritance that we want to leave those who will come after us,\u201d said Marcos.<\/p>\n
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\u201cGood fiscal stewardship imposes upon us the discipline not to be led into the temptation of bloating what we owe. Good government dictates upon us the duty to spend the appropriations we have cobbled together for the correct purposes, the right way, on time, and on budget,\u201d he said.<\/p>\n
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The P5.768 trillion-General Appropriations Act for Fiscal Year 2024 is 9.5 percent higher than the previous fiscal year, and was crafted to sustain the country\u2019s high-growth trajectory.<\/p>\n
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The administration is expecting a straightforward implementation of the 2024 national budget with the Medium-Term Fiscal Framework, the eight-point Socioeconomic Agenda, and the Philippine Development Plan 2023-2028 serving as its guide and blueprint.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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