HB08980: AN ACT APPROPRIATING FUNDS FOR THE OPERATION OF THE GOVERNMENT OF THE REPUBLIC OF THE PHILIPPINES FROM JANUARY ONE TO DECEMBER THIRTY-ONE, TWO THOUSAND AND TWENTY-FOUR
This bill outlines the proposed national budget for Fiscal Year 2024, aiming to secure a "Future-Proof and Sustainable Economy" by prioritizing post-pandemic recovery and inclusive growth. It details how public funds will be allocated across various sectors, with a significant portion (37.9%) dedicated to social services like health, education, culture, and manpower development, and 29.6% to economic services, including infrastructure development. The bill's timely passage is crucial as it provides financial stability and a clear plan for government spending, which is essential for economic growth and investor confidence, ultimately benefiting citizens through funded programs and services.
The budget also highlights key economic goals such as achieving a 6.5% to 8.0% real GDP growth annually between 2023 and 2028, reducing the poverty rate to a single digit by 2028, and attaining upper-middle-income status by 2025. It prioritizes expenditures in areas like food security, reduced transport and logistics costs, improved health systems, and enhanced bureaucratic efficiency, directly impacting the daily lives and well-being of Filipinos. The bill aims to reinforce the economy's accelerated performance through strategic investments and sound fiscal management.