By Billy Begas
House Committee on Appropriations chairperson and Ako Bicol party-list Rep. Elizaldy Co said the 2024 National Expenditure Program was crafted to support post-pandemic recovery and shield the economy from external headwinds and inflationary pressures.
At the same time, Co underscored the importance of immediately passing the proposed P5.768 trillion budget which prioritizes spending on education, healthcare, infrastructure, social services, and social welfare.
“Post-pandemic recovery continues to be budget’s main focus while aiming towards the promised future of an inclusive and sustainable economy,” said Co in his sponsorship speech on Tuesday.
“Indeed, COVID-19 tested our resilience, strained our healthcare system, and affected our economy…. And we continue to face the pressing issues like climate change, income inequality, and healthcare disparities,” he added.
Of the P5.768 trillion proposed national budget, Co said P1.748 trillion was allocated for debt payments and other expenditures that are automatically appropriated by law.
Co said the proposed General Appropriations of P4.020 trillion is 9.5% higher compared to this year’s budget while the P281.9 billion earmarked as unprogrammed fund is 65% lower than the amount set for this year.
He added that the budget has also placed special emphasis on President Ferdinand Marcos Jr.’s vision of building more legacy specialty hospitals, more housing for the poor, and food sufficiency by providing more support to farmers.
The proposed budget will be funded through a combination of 53% revenue and 43% loan. Of the total P2.46 trillion borrowings planned for next, 75% will be sourced from the domestic capital market to better manage the debt.
“The timely passage of this measure is not just an obligation but our solemn responsibility,” Co stressed. “In this spirit, I urge every member of this august body to take proactive steps and join members of the Committee on Appropriations in coming up with a collective decision and recommendations to approve HB number 8980, the FY 2024 General Appropriations Bill.”
The House of Representatives plans to approve the proposed budget on third and final reading next week.
