President Ferdinand Marcos Jr. on Wednesday told the government agencies to avoid reckless borrowing and implement fiscal discipline, as he signed into law the 2024 national budget worth P5.768 trillion.
During the signing ceremony, Marcos warned sternly against inefficiencies and corruption in the government, urging budget implementers to avoid red tape and prioritize legal compliance.
"Debt is not the kind of inheritance that we want those who will come after us. Good fiscal stewardship imposes upon us discipline not to be led into the temptation of bloating what we owe," Marcos said in his speech.
"Remember, we are not working for ourselves, but for the people and the country. We must honor the taxpayers who make this budget possible," Marcos added.
Marcos also emphasized the importance of efficient implementation, urging budget officials to avoid both underspending and overspending "that disregards legal guardrails are two sides of the same coin."
He said that delaying the projects for the Filipinos "inflicts the same havoc" of denying the people the progress and development they deserve.
Marcos acknowledged the limitations of the budget, saying it could not fully fund all his plans for the country.
However, he emphasized that every line item in the budget would be used to address critical issues like poverty, illiteracy, hunger, and border security.
"This budget is more than a spreadsheet of amounts or a ledger of projects," Marcos said.
"It details our battle plan in fighting poverty and combatting illiteracy, in producing food and ending hunger, in protecting our homes and securing our border, treating the sick, keeping our people healthy, creating jobs, and funding livelihoods," he added.
Marcos also mentioned that the budget, when translated to projects — from roads to schools and hospitals — will better transform our country and the lives of the Filipino people.
The national budget for 2024, which the Senate and the House approved on December 11, is 9.5 percent more than it was this year.
Senate Committee on Finance's chairperson, Senator Sonny Angara, said that the confidential and intelligence funds for non-military agencies have not been included in the 2024 General Appropriations Bill consolidated version.
The 2024 budget, according to the Department of Budget and Management, would prioritize funding for the nation's economic expansion and address the consequences of inflation.
In a separate statement mentioned earlier this month, Senate President Juan Miguel Zubiri said that the budget plan's final version includes an additional P10.5 billion to improve the country's defense capabilities and increase South China Sea presence. The Marcos government has increased military and coast guard operations in disputed waters in opposition to China's expansive territorial claims in the disputed sea.
"As we have learned from the constant bullying and aggression of China against Filipino fishermen and our protectors in the WPS and our exclusive economic zone, we badly need to upgrade our capabilities in patrolling our seas. As promised, your Senate has delivered," Zubiri said.