President Ferdinand 'Bongbong' Marcos Jr. has certified as urgent the General Appropriations Bill (GAB) that contains ₱5.768 trillion national budget for the fiscal year (FY) 2024.

In a letter dated September 20 and addressed to House Speaker Martin Romualdez, Marcos said the immediate passage of House Bill No. 8980 or An Act Appropriating funds for the operation of the Philippine government will "address the need to maintain continuous government operations."

He added that the said certification also aimed to "expedite the funding of various programs, projects, and activities" for FY 2024, and "to ensure budgetary preparedness that will enable the government to effectively perform its Constitutional Mandate."

Basahin>kopya ng sulat ng Malakanyang kay House Speaker @MartinRomualdez na layuning ipasa agad ang 2024 General Appropriations Bill na nagkakahalaga ng P5.768T @dzrhnews pic.twitter.com/YDkxS5hBmI

— milky rigonan 💋 (@milkyrigonan) September 20, 2023

Based on the Department of Budget and Management's (DBM) briefer on the 2024 national budget, the social services sector will have the largest allocation with ₱2.183 trillion or 37.9 percent of the budget, and the economic services sector with ₱1.709 trillion or 29.6 percent of the budget.

Marikina Rep. and Vice Chair of the House Committee on Appropriations Stella Quimbo earlier confirmed that the government will borrow 43.32%, or ₱2.46 trillion to supplement the ₱5.768 trillion. While the remaining 57% will be funded from local revenues.

Romualdez has assured the President that the deliberation of the 2024 GAB is "ahead of schedule" and that this may be signed into law before December.