MANILA — President Ferdinand Marcos, Jr. has received the copy of the P5.7 trillion proposed National Expenditure Program for next year, the budget department said on Tuesday.

In a statement, the Department of Budget and Management (DBM) said the President got hold of the proposed government budget for next year before its scheduled submission to Congress on Aug. 2.

The P5.768 trillion is 9.5 percent higher than the budget for this year. DBM noted that it is equivalent to 21.7 percent of the country's gross domestic product.

"With the 2024 expenditure program, the government aims to continue strengthening the purchasing power of Filipinos; reducing vulnerability and mitigate scarring from the COVID-19 pandemic; and, ensuring sound macroeconomic fundamentals," the statement read.

• Marcos OKs P5.768-trillion spending plan for 2024, says DBM

DBM said the budget allocation for the national government's operations and funding for agencies is estimated to be around P4.02 trillion.

The National Tax Allotment for local government units, the annual block grant for Bangsamoro region, and the debt service, meanwhile, were around P1.748 trillion.

In a tweet, Marcos said through the budget, the government aims to strengthen Filipinos purchasing power and continue the country's economic growth.

"Malaking bahagi ng NEP ay para sa pang-ekonomiya at panlipunang serbisyo. Mas mataas namang alokasyon ang nakalaan para ilang sektor gaya ng edukasyon, imprastraktura, kalusugan at transportasyon," the President said.

DBM said the education sector got the biggest chunk of the budget in the spending plan amounting to P924.7 billion, followed by public works with P822.2 billion, health with P306.1 billion, and the transportation sector with P214.3 billion.

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