2024 national budget plan

In the recently held 2024 budget conference of the Department of Budget Management (DBM), P5.569 trillion is being planned for the year, around 10 percent higher than 2023.

Even with the optimistic scenario of 7 percent GDP growth for 2022, the possible deficit of P1.5 trillion still looms. Therefore, the 2024 budget could result in a worrisome deficit.

A whiff of fresh air, however, was DBM’s Secretary Amenah Pangandaman’s pronouncements regarding what they intend to focus on in the 2024 budget planning and review:

• Given limited resources…only implementation-ready agency proposals are included.

• Budget proposals should contain concrete program plan so we can manage our budget efficiently and effectively.

• Agencies’ budget utilization as well as performance will be part of the evaluation process.

What seems missing in the DBM budget briefings is what are the expected sources of taxes and other revenues to cope with such huge expenditure plans, or how does government intend to squirm through the cumulative deficits already incurred?

The growing budget needs are quite understandable for a growing population; however, we haven’t heard of any further good news about the foreign investment commitments from PBBM’s foreign sorties.

With the P13-trillion carryover government debt in 2021, a deficit of P1.5 trillion for 2022 and a similar amount of deficit looming for 2023, how would government source the additional funds needed for 2023?

What can throw a monkey wrench in all these good budget plans and intentions is the usual political pressure like the ubiquitous pork barrels, although disguised differently. Only the resolute and pragmatic leadership of the President can help steer through them. – Marvel K. Tan, CPA [email protected]