By Liezelle Soriano
MANILA — As promised, President Ferdinand “Bongbong” Marcos Jr. officially signed the 2024 national budget into law, totaling P5.76 trillion on Wednesday (20 Dec 2023).
In his address, President Marcos emphasized that the 2024 General Appropriations Act represents an “annual social contract with taxpayers,” assuring them that their faithful contributions will be fully reinvested.
He stated, “It details our battle plan in combating poverty and illiteracy, challenging the notion that the budget merely covers bureaucratic expenses. Instead, it allocates funds to address the fundamental issues our nation must overcome.”
President Marcos highlighted that the 2024 national budget aims to enhance both the physical and human capital of the nation. He expressed optimism that the allocated expenditures will bring about positive transformations in the lives of Filipinos and contribute to the nation’s progress.
However, President Marcos acknowledged that the 2024 budget might fall short of fully financing the ambitious goals his administration has set for the nation. He remarked, “I wish we could address our infrastructure backlog within a single budget cycle. I wish we had unlimited revenues to unlock our country’s vast potential.”
(IAmigo/MNM)
