The Senate gave the green light to the proposed P5.7 trillion national budget for the fiscal year 2024 on its third and final reading. With 21 affirmative votes, no opposition, and one abstention, senators approved the General Appropriations Act of 2024.
Senate President Juan Miguel Zubiri concluded the 2024 budget debates by banging the gavel. The next step involves the bicameral conference committee, which is set to begin soon after both the House of Representatives and the Senate endorse the 2024 budget.
During the committee sessions, members will collaborate to create a reconciled version of the national allocation for the upcoming year. Once reconciled, the bill will return to both chambers of Congress for final ratification.
The ratified version will then be sent to the desk of President Ferdinand “Bongbong” Marcos Jr. for his signature. Keeping in line with their commitment to pass the bill on time, Senate President Zubiri anticipates that the P5.7 trillion budget may be ready for Marcos’ signing by the first or second week of December 2023.
