President Ferdinand Marcos Jr. could approve and sign the 2024 national budget before leaving for Japan next month, the Department of Finance said on Tuesday.
In a Palace briefing, Finance Secretary Benjamin Diokno said that the House of Representatives has already approved the budget and is now in the Senate.
The bicameral conference committee will start its deliberations on 1 December, giving ample time for the budget to be approved and signed before Marcos will attend the ASEAN-Japan Friendship and Cooperation Commemorative Summit in Japan from 16 to 18 December.
"I was talking to the liaison officer, and the budget has already been approved," Diokno said.
"It seems like they're discussing the timeline for approving and signing the 2024 national budget before the President's trip to Japan," the Finance Chief added.
In late September, the House of Representatives passed the proposed General Appropriations Act, the government's 2024 budget, on its third and final reading without any alterations.
However, the lower chamber revealed that they made undisclosed adjustments to confidential and intelligence funds, directing them to a select few House leaders.
Once the Senate greenlights the proposed budget, it will convene with the House of Representatives in a bicameral conference to reconcile conflicting elements between both chambers' versions.
The finalized General Appropriations Bill will then be ratified in the House of Representatives and the Senate and forwarded to Malacañang for Marcos' assessment and approval.
The 2024 proposed budget, amounting to P5.768 trillion, signifies a 9.5% surge from the 2023 allocations, as per the Department of Budget and Management.
Senator Sonny Angara, chairing the Senate finance panel, emphasized that the upcoming budget will maintain the objectives of its predecessor. It aims to sustain funding for key government initiatives like the Pantawid Pamilyang Pilipino Program, the Build Better More program, the Universal Access to Quality Tertiary Education Act, and the Tulong Trabaho Act.
