Philippines' Marcos signs into law record $109 billion budget for 2025

FILE PHOTO: General view of public and private vehicles on a road in Manila, Philippines, June 20, 2023. REUTERS/Eloisa Lopez/File photo

Philippine President Ferdinand Marcos Jr. signed the 2025 budget into law on Monday, saying a planned 10 per cent increase in government spending to a record 6.33 trillion pesos ($109.2 billion) would support economic growth and reduce poverty.

Philippine President Marcos signed a record 6.33 trillion pesos ($109.2 billion) budget for 2025, a 10% increase. Key allocations include 1.05 trillion pesos for education and 1.03 trillion for public works. The budget targets 6-8% economic growth.
The spending is higher than a projection of 6.18 trillion pesos announced earlier this month, when revenue was forecast at 4.64 trillion pesos and the budget deficit at 5.3 per cent of GDP."It
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is designed not just to address our present need but to sustain growth and to uplift the lives of generations that are yet to come," Marcos said following the ceremonial signing.The education sector has the largest budget allocation for 2025 with 1.053 trillion pesos, followed by the public works ministry at 1.034 trillion, Budget minister Amenah Pangandaman said in a press briefing.

Pangandaman said 35 billion pesos were earmarked for the military's modernisation programme, lower than the 50 billion pesos that government originally proposed.

Budget advocates have complained about reductions in the education budget and the removal of a subsidy for the government health insurance programme, among other cuts.

Marcos had delayed the signing by more than a week, citing the need to review the final spending plan approved by Congress. He said he had vetoed proposed spending of more than 194 billion pesos ($3.35 billion).

Government spending historically contributes around a fifth of the country's economic growth, which is targeted at 6.0 per cent to 8.0 per cent in 2025.

Source: https://www.channelnewsasia.com

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