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Philippines: President Marcos approves historic $103 billion budget for 2024

Philippines: President Marcos approves historic $103 billion budget for 2024

Philippines: President Marcos approves historic $103 billion budget for 2024

Philippines: President Marcos approves historic $103 billion budget for 2024

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  • The budget aims to address poverty, enhance border security, and promote economic growth.
  • Marcos assures responsible financial management and a substantial increase in the budget.
  • The education sector is expected to receive a significant portion of the national budget.
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Philippines President Ferdinand Marcos has officially approved the upcoming year’s budget, amounting to a record 5.768 trillion pesos ($103.36 billion). In his speech on Wednesday, President Marcos emphasized that this budget outlines his administration’s strategy to address poverty, enhance border security, and promote economic growth.

He expressed a commitment to responsible financial management, assuring that the substantial increase in the budget, nearly one-tenth higher than this year’s plan, will be utilized efficiently.

“We can be reckless, take the easy path, borrow, and let our children pick today’s tab up tomorrow. But debt is not the kind of inheritance that we want to leave those who will come after us,” Marcos said.

The government has not yet disclosed a detailed breakdown of how the budget is allocated, but according to the constitution, the education sector is expected to receive a significant portion of the national budget.

In light of the challenges faced this year, particularly with soaring inflation, the Philippines anticipates another tough year in 2024 due to the potential impact of the El Nino weather phenomenon.

The previously set growth target range of 6.5 to 8.0 percent for the gross domestic product (GDP) in the coming year has been adjusted to a more conservative range of 6.5 to 7.5 percent.

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This adjustment takes into consideration the potential adverse effects of extreme weather conditions, which could negatively affect agricultural production.

Looking ahead to 2025, the government has already indicated its intention to propose a budget of 6.12 trillion pesos.

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