House begins review of 2024 national budget --- RG Cruz, ABS-CBN News

MANILA — The House of Representatives on Thursday began its review of the 2024 national budget. The House committee on appropriations started the review, seen to last five weeks, with a briefing by the Development Budget Coordination Committee (DBCC). In the briefing, DBCC chairperson and Budget Secretary Amenah Pangandaman provided an overview of the proposed budget. The largest allotment in the proposed budget was given to the social services sector, with P2.18 trillion—or 38 percent of the budget—allotted to fund health and social and education-related services, the Department of Budget and Management (DBM) said. This second largest allotment would go to the economic services sector, particularly through the Build Better More public infrastructure program, with P1.71 trillion—29 percent of the budget— set aside. For his part, House Speaker Martin Romualdez rallied his fellow lawmakers as they opened deliberations on the national budget. Romualdez said he was confident that the chamber would deliberate and pass the budget "on time and transmit the same to the Senate." "I can assure everyone that the House of Representatives will not take a break until and unless we have passed this very important legislation," he said. The five-week deliberation period would cover four weeks in the committee level, and one week in the plenary, Romualdez said. Despite the strict timeline, he called on his colleagues to scrutinize the budget well, setting down parameters for what lawmakers would hear from the executive branch during the deliberations. "We will hear from these experts the macroeconomic and growth assumptions, government’s fiscal and revenue collection performance, and expenditure priorities," Romualdez said. Meanwhile, House appropriations committee senior vice chairperson Stella Quimbo said the review needed to consider the lingering effects of the COVID-19 pandemic, the shifts in international trade dynamics, and domestic challenges shaping the Philippine economic landscape. "As legislators, we must craft policies that foster economic resilience, inclusivity, and sustainability. In doing so, we must carefully scrutinize the assumptions that underpin our economic forecasts, ensuring they are grounded in reality and considerate of potential risks," Quimbo said. The Marikina representative also noted that inflation and monetary policy are integral components of macroeconomic assumptions. "We must closely monitor the inflation rate and ensure that the central bank’s monetary policies remain effective in maintaining price stability. " she said. The House aims to approve the proposed national budget on or before Sept. 30.

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