The Department of Budget and Management (DBM) handed over a copy of the Fiscal Year 2024 National Expenditure Program (NEP) to President Ferdinand R. Marcos Jr. on Tuesday, ahead of its submission to Congress on August 2, 2023.

The FY 2024 NEP is P5.768 trillion, which is 9.5 percent more than the FY 2023 General Appropriations Act (GAA) and represents 21.7 percent of the country's GDP.

The government's 2024 spending plan intends to continue boosting Filipinos' purchasing power, reduce vulnerability and scarring from the COVID-19 pandemic, and ensure good macroeconomic fundamentals.

According to the DBM proposal, the projected general appropriations for the national government's operating needs and agency spending will total P4.020 trillion.

Automatic appropriations, on the other hand, will be P1.748 trillion, which includes the National Tax Allotment (NTA) for Local Government Units, the Bangsamoro Autonomous Region in Muslim Mindanao Annual Block Grant, and debt servicing, among other things.

Maintenance and other running expenses will account for 37.4 percent of the budget, followed by Personnel Services (30.4%), Capital expenditures (21.6%), and Financial Expenses (11.6%).

In terms of sectoral allocation, about 70% of the FY 2024 budget is devoted to economic (29.6%) and social services (37.9%).

The remainder is given to General Public Services (15.5 percent), debt load (12.1%), and defense (4.9%). The majority of the budget will go to national government agencies (67.0 percent), followed by local government units (17.5 percent), creditors for interest payments (11.6 percent), and government-owned and controlled businesses (GOCCs) and net loans (3.9 percent).

Budget allocations for various sectors increased from the previous Cabinet presentation to the completed NEP.

The finalized NEP allocated P924.7 billion to education, P822.2 billion to public works, P306.1 billion to health, and P214.3 billion to transportation.