National Government to seek P6.352 trillion budget for 2025

National Government to seek P6.352 trillion budget for 2025
Photo from Malacanang website

THE National Government will be seeking a P6.352 trillion budget for fiscal year 2025, Department of Budget and Management (DBM) Secretary Amenah Pangandaman said Thursday, June 27, 2024.

In a press conference, Pangandaman said they will present the proposed budget to the Cabinet on July 2, three weeks before President Ferdinand Marcos Jr.’s State of the Nation Address of the 22nd and submit it to the Congress on the 29th.

The proposed budget for next year is 10.1 percent higher than this year’s allocation of P5.768 trillion.

Pangandaman said the increase was due to the higher national tax allocation based on the past two revenue years, which went up because the economic activity following the Covid-19 pandemic is back.

She noted the 20 percent higher budget allocation for local government units from P871.38 billion in fiscal year 2024 to P1.03 trillion next year.

Also among the reasons for the higher budget for next year is the upcoming midterm elections in May, expansion of the Pantawid Pamilyang Pilipino Program or 4Ps, and the recently signed law increasing the teachers’ allowance from P5,000 to P10,000.

Pangandaman said the social sector, which includes education, health and social protection, will get the big chunk of the budget, while agriculture will remain to be a priority in a bid to achieve the administration’s goal for food security.

She said in evaluating the agencies’ budget proposals for 2025, the DBM considered several factors such as the availability of fiscal space, implementation-readiness of programs and projects, agency absorptive capacity, and alignment with expenditure directions.

“With the overarching goal of the PDP (Philippine Development Plan) 2023 to 2028 to achieve economic and social transformation for a prosperous, inclusive, and resilient society, the proposed budget aims to develop and protect the capabilities of individuals and families; transform production sectors to generate more quality jobs and produce competitive products; and foster an enabling environment encompassing institutions, physical and natural environment,” said Pangandaman. (TPM/SunStar Philippines)

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