We can say that the ‘budget season’ season has arrived. The deliberations of the proposed 2024 budget may take some time in both houses of Congress. Know more:
WE can say that the ‘budget season’ season has arrived. The deliberations of the proposed 2024 budget may take some time in both houses of Congress, but one can already take a peek at what is in store for the economy and government’s programs next year based on the initial proposal submitted to President Ferdinand Marcos Jr. last week.
I empathize with our budget chief for the work her department did in coming up with the proposed 2024 budget. “After a couple of weeks of sleepless nights, we had marathon meetings on the budget because, as you know, budget preps usually start in February—the first quarter of the year when we release the budget call.
Looking back, the 2023 budget contained allocations that are helping the Philippine economy cope with the adverse impact of internal and external shocks after the inflation rate surge. The current budget is also comprised of funding for the government’s social protection, economic development and disaster preparedness programs. Included are funds for the 4Ps, or the government’s direct cash assistance to poor households, which received P102.61 billion.
The higher taxes on junk food and sweetened beverages are expected to generate an additional P76 billion in revenues during the first year and will result in a 21-percent reduction in the consumption of junk food, per the estimate of the DOH. Pangandaman says the first year of implementation of the tax on sugary beverages alone will produce between P40 billion and P50 billion.
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