President Ferdinand Marcos Jr. and his Cabinet earlier approved the Fiscal Year 2024 National Expenditure Program, set at P5.768 trillion, in late June 2023. READ:
Education – P924.7 billionNational government agencies get 67% of the budget, while 17.5% goes to local government units. Some 11.6% is allocated for creditors for interest payments, and 3.9% will go to government-owned and controlled corporations and net lending.
Once the DBM submits the NEP to Congress, lawmakers will begin deliberating on the proposal. Just like any other proposed law, deliberations begin at the committee level and are then taken to plenary for deliberation before the entire chamber of Congress. Once they agree on a final version of the bill, it goes back to the House and the Senate for another round of approval. Once both chambers pass it, the bill is submitted to the President.
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