The Marcos administration will ensure the proper utilization of the PHP5.678-trillion national budget for 2024 to attain its goal of transforming the Philippine economy, Budget Secretary Amenah Pangandaman said Wednesday.

This, as Pangandaman said the 5.6-percent economic growth rate for 2023 is an indication that the government is heading in the right direction to achieve its “Agenda for Prosperity: Economic Transformation towards Inclusivity and Sustainability.”

“This solidifies our position as one of the fastest-growing economies in the Asia Pacific region,” Pangandaman said in a statement, expressing optimism that the government will hit its targets for 2024 as it moves from focusing on solidifying the fiscal position to enhancing and fortifying economic transformation.

“While we successfully brought down deficit and debt levels in 2023, the FY 2024 General Appropriations Act focuses on priority projects that will stimulate the economy and achieve our economic transformation, specifically in social services, agricultural development, and infrastructure development,” she added.

Pangandaman said the full-year growth rate shows that the country has “emerged strongly post-pandemic.”

She said the current administration will ensure that its economic goals will benefit all Filipinos, especially those belonging to the vulnerable sectors.

“This is a strong economic transformation program reflective of the objectives of Bagong Pilipinas that includes even vulnerable and far-flung target areas and will ultimately result in achieving our ‘Agenda for Prosperity,’” Pangandaman said.

She said the 11.2-percent growth in total investments in the fourth quarter of 2023 reflects the private sector’s greater participation in national recovery through strengthened public-private partnerships (PPPs).

She added that despite limited fiscal space, public sector gross fixed capital formation grew largely by 9.7 percent in 2023, boosted by the “Build Better More” Program.

The 5.6-percent year-on-year growth is lower than the government’s 6 to 7 percent target for 2023.

Despite this, the Philippines remains to be “one of the best-performing economies in Asia,” Socioeconomic Planning Secretary Arsenio Balisacan said in a separate statement.

Balisacan said the government will continue to implement programs and reforms to achieve the 6.5 to 7.5 percent growth target in 2024, adding it will focus on addressing supply-side constraints, easing investment restrictions, and protecting the purchasing power of Filipino households. (PNA)