MANILA, Dec. 20 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Wednesday signed into law the 5.768 trillion pesos (roughly 103 billion U.S. dollars) 2024 national budget, which aims to make the economy future-proof and sustainable while supporting its medium-term fiscal consolidation agenda.
The 2024 General Appropriations Act "details our battle plan in fighting poverty and combatting illiteracy, in producing food and ending hunger, and protecting our homes, in securing our border, treating the sick, keeping our people healthy, creating jobs, and funding livelihoods," Marcos said in a speech during the signing ceremony.
"In the end, every line in this budget, when translated to projects, from roads to schools to hospitals, will transform our country for the better and the lives of our people for the better," he added.
The 2024 budget is 9.5 percent higher than the 2023 budget, representing 21.7 percent of the country's gross domestic product (GDP).
Budget Secretary Amenah Pangandaman said the 2024 budget allocates the largest portion to the social services sector, which encompasses health, education, culture, manpower development, social security, welfare, and employment, among other vital areas.
The budget also supports implementing the 2023-2028 development plan, which focuses on infrastructure, education, and health spending, she added.
With robust domestic demand and broad-based expansion in major sectors, the Philippine economy grew by 5.5 percent in the first three quarters of the year, sustaining its position as one of the best-performing economies in the Asia-Pacific region.
The government forecast the country's GDP to expand by 6 to 7 percent in 2023 and 6.5 to 7.5 percent in 2024, adding that the growth momentum is expected to continue for the rest of the year and surpass that of neighboring countries.
The Asian Development Bank forecasts the Philippines' GDP in 2023 to grow at 5.7 percent and 6.2 percent in 2024. ■
