Philippines Submits $108.8 Billion Budget For 2025
Date
7/29/2024 6:15:15 AM
(MENAFN- IANS) Manila, July 29 (IANS) The Philippines' Department of Budget and Management (DBM) on Monday submitted the proposed 2025 budget or national expenditure program (NEP) to the House of Representatives for scrutiny.
Budget Secretary Amenah Pangandaman said the proposed 2025 budget has a layout of 6.352 trillion pesos (roughly $108.8 billion), equivalent to 22 per cent of the gross domestic product and 10.1 per cent higher than the 2024 national budget, Xinhua news agency reported.
In crafting the proposed budget, Pangandaman said the DBM considered several factors "such as the availability of fiscal space, implementation readiness of programs and projects, agency absorptive capacity, and alignment with expenditure directions."
Philippine President Ferdinand Romualdez Marcos' administration is seeking Congress' approval of a 256.1 billion pesos ($4.39 billion) defence budget for next year.
The education budget had the highest allocation with 977.6 billion pesos ( $16.74 billion), followed by public works, health and interior and local government.
The House of Representatives and the Senate will deliberate on the proposed 2025 budget before Marcos signs the bill into law.
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