The proposed P5.768-trillion expenditure program for 2024 is now in the final stages of preparation and is eyed to be submitted to congress days after the second State of the Nation Address (SONA) on July 24, the country’s budget chief said.
During the Kapihan sa Manila Bay forum yesterday, budget secretary Amenah Pangandaman said that the 2024 National Expenditure Program (NEP) was presented to the President last Tuesday.
Pangandaman said it will be presented to the cabinet for their final approval today.
The budget secretary also expects that the approval of the 2024 budget will be faster compared to the previous year.
“Under the Constitution, we should submit the national expenditures program one month after the SONA. On our calendar, we will submit our NEP to the congress one week after the 24th (of July),” Pangandaman said.
The proposed budget for next year has been increased by 9.5 percent compared to this year’s national budget amounting to P5.268 trillion.
“During the DBCC (Development Budget Coordination Committee meeting), our increase should only be 9.2 percent, but during the DBCC (meeting) two weeks ago, the revenue measures of the Department of Finance (DOF) for sweet and salty food and beverages, supposedly (the revenues will) kick in in 2025, but what they did is they will advance it to 2024. So when Congress opens, they have now until the end of the year, they will push for that new revenue measure,” Pangandaman said.
The DOF earlier said the proposed revised excise tax on sweetened beverages is seen to produce P53.7 billion in the first year of implementation.
Pangandaman said the tax on salty food is being studied, although initially she said it will cover junk food.
“The DOF team seems very positive on the passage of the said revenue measures,” she added.
