DAVAO CITY — The Department of Budget and Management (DBM)t on Saturday vowed that her agency will be transparent in the utilization of the PHP5.768 trillion national budget for 2024.
Secretary Amenah Pangandaman, DBM Secretary in a statement stressed, “sound, efficient, and effective management and utilization of government resources to achieve our country’s development goals.”
Addressing the concern of fiscal management, she said, the 2024 national budget would continue to prioritize responsible debt management, while supporting the country’s post-pandemic recovery which is guided by the Medium-Term Fiscal Framework (MTFF).
The agency added that there is a projected decrease in the deficit from 6.1 percent in 2023 to a target of slightly above 5 percent in 2024, stressing that it demonstrates the Marcos administration’s commitment to fiscal consolidation over the long term.
“Our MTFF started with a very high deficit, exceeding 7 percent during the pandemic… We’re making steady progress, aiming to bring it down to 3 percent by 2028. Reducing the deficit translates to less borrowing, but responsible borrowing for productive purposes remains crucial,” Pangandaman said.
Pangandaman also echoed President Ferdinand R. Marcos Jr.’s commitment to leaving a legacy that is “free of burdensome debt for future generations.”
“We are one with the President in ensuring that we honor the taxpayers who make the national budget possible. As what the President said, ‘Debt is not the kind of inheritance we want for those who will come after us. Good fiscal stewardship imposes upon us discipline not to be led into the temptation of bloating what we owe,’” she said.
Pangandaman also clarified that the unprogrammed funds in the 2024 General Appropriations Act are “standby appropriations” distinct from the approved government fiscal program.-with a report from PNA
