AS the 2024 budget deliberations start, the chairman of the House Committee on Appropriations on Tuesday assured the public that the country’s post-pandemic recovery would continue to be the national budget’s main focus next year. Ako Bicol Party-list Rep. Elizaldy Co, chairman of the House appropriations committee, said in his sponsorship speech of House Bill
AS the 2024 budget deliberations start, the chairman of the House Committee on Appropriations on Tuesday assured the public that the country’s post-pandemic recovery would continue to be the national budget’s main focus next year.
“Indeed, Covid-19 tested our resilience, strained our health-care system, and affected our economy . . . And we continue to face the pressing issues like climate change, income inequality and health-care disparities,” he added. “The key priorities of the 2023 GAA are still education, healthcare, infrastructure, social services, social welfare, and many others,” said Co.
The 2024 national budget will be funded through a combination of 53 percent revenue and 43 percent debt paper issuances. Of the total P2.46 trillion in borrowings planned for next year, 75 percent will be sourced from the domestic capital market to better manage the debt. According to Quimbo, the 2024 national budget sets aside resources for programs critical to accelerating the nation’s growth, such as investments in education, transportation, and infrastructure.
“Yet, it is not an easy task to defend such parameters considering that the Philippine economy faces external headwinds. Global core inflation continues to be stubbornly high, even in advanced economies. Our biggest trading partners, namely, the US and China, are themselves facing domestic economic problems.
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