The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: BSP poised for a string of rate cuts as inflation cools
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
May 8, 2025 DOWNLOAD
grocery-2-aa
Economic Updates
Inflation Update: BSP poised for a string of rate cuts as inflation cools
May 6, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

Senate OK’s PHP5.77-T nat’l budget

November 29, 2023By BusinessWorld
Related Articles
Japan, Korea, and India offer to fund Philippine railway projects November 6, 2023 Infrastructure spending jumps 13% in 2022 March 30, 2023 Peso hits four-month low on Fed hike bets April 19, 2023

The Philippine Senate on Tuesday approved on final reading its version of the bill on the proposed PHP 5.768-trillion national budget, as senators focused on boosting the budgets of defense agencies to ensure national security.

In a 21-0-1 vote, senators approved the appropriation measure, which was certified as urgent, on second and third reading on the same day.

The proposed 2024 national budget is 9.5% higher than this year’s budget, and is equivalent to 21.7% of the country’s gross domestic product.

Senator Juan Edgardo M. Angara, who chairs the Senate Finance Committee, said the Senate’s version would significantly increase the allocations for the Department of National Defense, the Armed Forces of the Philippines, and the Philippine Coast Guard to bolster national security, amid worsening tensions with China. He did not provide details.

“More funds were included in the budgets of the Philippine Army, Air Force, Navy and the General Headquarters to purchase much-needed equipment, set up the needed infrastructure, and conduct the necessary capability enhancements and trainings and the Philippine Coast Guard,” he said.

Senators increased the Department of Science and Technology’s budget by PHP 1 billion and gave the Department of Education (DepEd) an additional PHP 50 million to boost local mental health programs in schools, Mr. Angara said.

He added that senators approved a request from the National Economic and Development Authority to establish an innovations revolving fund to provide grants for innovation programs and projects.

Representatives from the Senate and the House will now meet in a Bicameral Conference Committee to reconcile conflicting provisions of their respective budget bills.

At a news briefing on Tuesday, Finance Secretary Benjamin E. Diokno said Mr. Marcos is likely to sign the 2024 national budget before he leaves for Japan in mid-December.

Mr. Marcos will be in Japan to attend the 50th anniversary of the Association of Southeast Asian Nations-Japan Friendship and Cooperation Commemorative Summit.

During Tuesday’s plenary session, Senate Minority Leader Aquilino Martin D. Pimentel III abstained from voting noting that he disapproved of President Ferdinand R. Marcos, Jr.’s certification of the measure as urgent.

“I will not object anymore. I will just make a manifestation of my continuing objection to the use of a presidential certification for the budget when I do not see any emergency or calamity right before us, which will be addressed by the certification,” he said.

In September, he urged Mr. Marcos not to overuse the power to certify bills as urgent and to reserve the exercise of it for times of calamity.

Mr. Angara did not mention augmentations to the confidential and intelligence funds of state agencies.

Earlier this month, Vice-President and Education Secretary  Sara Z. Duterte-Carpio said her office would no longer pursue its request for PHP 500 million in confidential funds next year “because it is seen to be divisive.” 

She also said that DepEd would forgo its request for PHP 150 million in confidential funds next year, asking senators to realign the amount to the country’s learning recovery program, which includes capacity training programs for teachers among others.

Congressmen last month stripped several agencies including the Office of the Vice-President of their confidential funds, transferring PHP 1.23 billion worth of these to security agencies. — JVDO

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks Model Portfolio
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up