Serame goes big with record P102bn spending plan :: Mmegi Online

Finance Minister, Peggy Serame, has presented Parliament with budget spending proposals of P102 billion for 2024-25, a record funding request she said would “create opportunities for all to play a meaningful role and contribute to economic transformation”.

According to Serame’s proposals, the 2024-25 budget should see revenues of P93.6 billion set against expected expenditure of P102.3 billion – the highest spending ever proposed in a single budget in the country’s history. The figures point to a forecast deficit of about P8.7 billion or nearly minus three percent of GDP, the highest budget shortfall since the COVID year of 2020.

Serame however said the “stimulus” budget was necessary to drive the country towards its high-income economy target, while also pushing other national priorities outlined in the RESET and Reclaim agenda.

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