Manila, Jun 23 (IANS): Philippine President Ferdinand Marcos Jr. has approved the 5.768 trillion pesos ($103 billion) proposed national budget for 2024, s 9.5 per cent increase than2023, the Department of Budget and Management said on Friday.

Budget Secretary Amenah Pangandaman said the budget, equivalent to 21.8 per cent of the country's gross domestic product (GDP), "reflects the government's commitment to pursue economic and social transformation to address the scarring effects of the pandemic and the impact of inflation", reports Xinhua news agency.

The budget will prioritise "shovel-ready investments in infrastructure projects, investments in human capital development, and sustainable agriculture and food security", she added.

Pangandaman said the budget is "an indispensable step" toward the government's goal to bring down the deficit to 3 per cent of GDP, and reduce the poverty rate to single digit by 2028.

The government will submit the proposed budget to Congress for further deliberations before it becomes a bill.