• Wed. Nov 30th, 2022

Philippines’ Marcos wants record $94 billion budget for 2023

ByDebra J. Aguilar

Aug 22, 2022

MANILA: Philippine President Ferdinand Marcos Jr on Monday asked Congress for a record government budget of 5.29 trillion pesos ($94.40 billion) in 2023 to support an ambitious policy agenda to spur growth and lift millions out of people from poverty.

Marcos’ proposed budget, which is equivalent to 22.2% of the country’s total economic output, is nearly 5% higher than his predecessor’s spending plan for 2022.

He aims to grow Southeast Asia’s economy by up to 8% during his six-year term, maintain its place among Asia’s fastest growing countries and halve the rate of poverty, which stood at 18.1% in 2021.

Education, infrastructure, food security, healthcare and clean energy were given top priority in the 2023 budget, which was presented to Congress by a presidential representative.

Congress is expected to approve the budget by October and Marcos is expected to sign it before the end of the year.

The education sector will receive the highest allocation of 852.8 billion pesos or 16% of the total budget, followed by public works with 13%, health with 5% and social protection with around 4%. , Marcos said in a statement accompanying the budget. proposal.

The president, who is the son and namesake of the strongman toppled in a 1986 uprising, also manages the agriculture portfolio, which will receive 184.1 billion pesos, a 40% jump from to its 2022 budget.

Marcos, who won a single six-year term in elections in May, has a supermajority in Congress, increasing the chances of advancing his legislative agenda, including his 2023 spending plan. His cousin, Ferdinand Martin Romualdez is the president of the lower house.