President Ferdinand 'Bongbong' Marcos Jr. signed into law the General Appropriations Act (GAA) which contains the country's ₱5.768 trillion national budget for fiscal year 2024 on Wednesday, Dec. 20.
In his speech during the ceremonial signing at the Malacañang Palace, the President deemed the GAA or Republic Act (RA) No. 11975 as an "instrument which tells how the taxes paid by the people would be returned to them."
"This budget is more than a spreadsheet of amounts or a ledger, rather it details our battle plan in fighting poverty, combatting illiteracy, producing food and ending hunger, protecting our homes, securing our border, treating the sick, keeping the people healthy, creating jobs, and funding livelihood," he pointed out.
The President assured that every line stipulated in RA No. 11975 would transform the country and the lives of millions of Filipino people for the better.
Marcos left a reminder to the government agencies that would execute the national budget: "Good government dictates upon us the duty to spend the appropriations for and correct purposes the right way on time and on budget."
"Red tape to at least underspending and overspending are two sides of the same coin. Implementation delay and illegal deviation inflict the same havoc of denying the people the progress that they deserve. We are working for the people, not for ourselves. We are working for the country, not for ourselves," he added.
According to the House of Representatives, the 2024 GAA "prioritizes expenditure items that advance social and economic transformation through programs that promote food security, reduction of transport and logistics costs, improved health system, strengthened social protection, sound fiscal management and enhanced bureaucratic efficiency, among others."
The ₱5.768 trillion national budget is said to be equivalent to 21.7 percent of the Philippines' gross domestic product.
The Chief Executive inked RA No. 11975 weeks after the Congress ratified the final version.
