Philippines’ Marcos signs into law record $103 billion budget for 2024

MANILA (Reuters) – Philippines President Ferdinand Marcos Jr has signed into law next year’s record 5.768 trillion pesos ($103.36 billion) budget, which he said details his government’s battle plan to combat poverty, secure the borders and boost economic growth.

Marcos, in a speech on Wednesday following the enactment of the budget, said his government was committed to “good fiscal stewardship”, promising to spend the budget, which is nearly a 10th higher than this year’s spending plan, efficiently.

“We can be reckless, take the easy path, borrow, 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 yet to release a breakdown of the allocation, but the constitution mandates that the education sector gets a lion’s share of the national budget.

The Philippines, which this year grappled with soaring inflation, expects 2024 to be another challenging year as it braces for the impact of the El Nino weather phenomenon.

It has abandoned next year’s 6.5% to 8.0% gross domestic product growth target range and narrowed it to 6.5% to 7.5% to take into account impact of extreme weather, which could potentially dampen agricultural production.

For 2025, the government said it would propose a 6.12 trillion pesos budget.

($1 = 55.8050 Philippine pesos)

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