DBM starts drafting 2024 budget

The Department of Budget and Management is set to convene representatives from National Government Agencies and Government-Owned or Controlled Corporations to start the drafting of the national budget for 2024.

The DBM on Wednesday announced that budget forums will be held on Friday, 27 January, at the Philippine Convention Center in Pasay City.

“The conduct of the budget fora is part of the start of the budget preparation throughout the bureaucracy, following the issuance of Memorandum No. 145 or the National Budget Call, which signals the preparatory stage for the drafting of the National Expenditure Program for Fiscal Year 2024,” the DBM said in a statement.

Budget Secretary Amenah Pangandaman reminded government agencies and GOCCs that their budget proposals must “reflect the priorities and policy directions of the Marcos Jr. administration.”

“The Budget Call also stated that the 2024 budget proposals should be embodied in the administration’s Medium-Term Fiscal Framework (MTFF), the 8-point Socioeconomic Agenda, and the Philippine Development Plan for 2023-2028,” she noted.

The Budget chief stressed that next year’s budget must prioritize infrastructure development, including the Build Better More program, and digital and social infrastructure.

From January 2023, the DBM will conduct budget consultations with national government agencies and government corporations.

In February, DBM will consult with Regional Development Councils, civil society organizations, student and faculty associations, and the Philippine Association of State Universities and Colleges.

For 2023, the administration of President Ferdinand “Bongbong” Marcos Jr. will spend a record P5.268 trillion ($94 billion), its first full-year national budget.

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