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Monday, April 15, 2024

Timely fund release in ₧5.75-T budget eyed

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THE Department of Budget and Management (DBM) stressed that “timely” release of budget is “crucial” in the implementation of the government’s various programs and projects as the national government prepares for the P5.75-trillion budget next year.

The DBM also expressed optimism that the national government’s proposed 2024 budget would be approved within its published timeline.

“With regards to the movement of the budget proposal for 2024, the DBM is optimistic about its published budget timeline,” Budget Undersecretary Goddes Hope Libiran told the BusinessMirror in a recent interview.

“DBM Secretary Amenah F. Pangandaman acknowledges that the timely release of budget is crucial in the implementation of government programs and projects,” Libiran added.

Libiran pointed out that only “implementation-ready” programs, activities and projects (PAPs) will be included in the 2024 national budget to prevent “unnecessary delays.”

Libiran added that DBM is ensuring that the proposed PAPs for next year are aligned with the priorities of the Marcos Jr. administration, including those stipulated under the Medium-Term Fiscal Framework and the 8-point Socioeconomic Agenda.

“These initiatives prevent unnecessary delays as the PAPs are aligned with the priorities, are clear in their targets, and are ready to be executed within the fiscal year,” she said.

Based on the DBM’s National Budget Memorandum No. 147 (NBM), the Tier 1 budget ceiling for next year is pegged at P3.288 trillion, about 42.82 percent of the P5.75-trillion proposed 2024 national budget.

The national government follows a two-tier budgeting approach, with Tier 1 covering ongoing spending; proposals for new and expanded expenditure are under Tier 2.

Libiran noted that the increase in next year’s budget from this year’s P5.268 trillion takes into consideration the latest domestic developments, global economic status, and the administration’s priorities and strategies.

“Increased budget is mainly attributed to large transfers to LGUs, maintenance and other operating expenses as a result of the releases for the targeted cash transfer program, and improved spending on infrastructure and other capital outlays as well as personnel services,” she said.

Based on DBM documents, the agency plans to submit the 2024 budget documents to President Marcos Jr. on July 20. Marcos is expected to submit the 2024 budget proposal to Congress on July 24, the same day that he will deliver his second State of the Nation Address.

Image credits: Official Gazette

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