2025 national budget to promote measures vs inflation – Marcos Jr.
Credit to Author: Helen Flores| Date: Thu, 4 Jul 2024 00:00:00 +0800
MANILA, Philippines — The administration will be better equipped to cushion the impact of rising prices, as well as to produce jobs, strengthen health care and boost infrastructure with its proposed P6.352-trillion national budget for next year, according to President Marcos.
“With our approved 2025 budget, we’re investing in what matters most – creating jobs, strengthening health care and expanding infrastructure. Our goal is to tackle rising prices and reduce poverty, ensuring every Filipino benefits from our growing economy,” Marcos said in a post on Instagram Tuesday night.
The President approved the proposed national budget for next year during a Cabinet meeting at Malacañang on Tuesday.
The proposed budget for 2025 is 10.1l percent higher than this year’s outlay of P5.768 trillion.
Among the sectors and agencies with the biggest allocations are education, which covers the Department of Education, state universities and colleges and Technical Education and Skills Development Authority; Department of Public Works and Highways; health, which covers the Department of Health and the Philippine Health Insurance Corp.; Department of the Interior and Local Government and the Department of National Defense.
“I’m also looking forward to the changes we’ll make in education as we welcome Sen. Sonny Angara as the next DepEd secretary,” Marcos said.
On Tuesday, the President named Angara as the new education secretary, replacing Vice President Sara Duterte whose resignation takes effect on July 19.
Marcos earlier said the proposed budget program for next year was designed to keep the country on track toward sustainable and inclusive growth.
Inflation hit a six-month high in May, driven by faster upticks in utility and transport costs, the Philippine Statistics Authority said.
National Statistician Dennis Mapa said headline inflation or the rate of increase in average prices of consumer goods and services typically purchased by Filipinos quickened to 3.9 percent in May from 3.8 percent in April.
The May inflation print is the “fastest since the November 2023 reading of 4.1 percent,” Mapa said.
In a television interview, Speaker Martin Romualdez said the chamber will prioritze discussions on the proposed P6.352-trillion national budget for 2025 when session resumes on July 22 and President Marcos delivers his third State of the Nation Address.
“The House will again work doubly hard to pass the proposed 2025 General Appropriations Bill (GAB) before we go on break the end of September 2024,” Romualdez said over Teleradyo Serbisyo.
“We will then transmit the GAB to the Senate for its consideration,” he said.
He said the House would ensure enough funding for education, agriculture, modernization and welfare programs of the armed forces, infrastructure and for legacy projects of President Marcos.
“We have to continue building roads, highways, ports, school buildings, climate change-proof structures and similar infrastructure to maintain and expand economic growth. Progress has to reach the remotest communities,” he stressed.
Meanwhile, House Secretary Reginald Velasco said the chamber is now in the “final stage” of preparations to host Marcos’ third SONA at the Batasan complex in Quezon City.
“We are ready to adjust to accommodate our partners from the Office of the President and the Senate,” Velasco said.
During the SONA, the President will address the joint session of the Senate and House of Representatives. This signals the opening of the third session in the 19th Congress.
The SONA preparations are spearheaded by an inter-agency committee composed of representatives from the House, Senate, Office of the President, Philippine National Police and Metropolitan Manila Development Authority, among others. The final meeting of the committee is scheduled on July 15.
As of Monday, the House had sent out 2,000 invitations, with 60 percent to 70 percent of those invited confirming their attendance. – Delon Porcalla, Sheila Crisostomo