Philippine President Ferdinand Marcos Jr (Photo: AFP/VNA) Hanoi (VNA) – Philippine President Ferdinand Marcos Jr. on December 20 signed into law the national budget for 2024 worth over 5.7 trillion PHP (103.3 billion USD) which includes plans to combat poverty and boost economic growth.
The 2024 budget is nearly 10% higher than 2023’s and the highest ever.
In a speech after signing the budget, Marcos said that his government is committed to good governance and spending it efficiently.
The Philippine government has not yet announced detailed allocations, but according to the Constitution, spending on the education sector accounts for the majority of the national budget.
Analysts predict that the Philippines will face many challenges in 2024 due to El Nino phenomenon. Recently, it narrowed its gross domestic product (GDP) growth target for next year to 6.5%-7.5% from the previous range of 6.5%-8% due to concerns that extreme weather could reduce agricultural output.
The proposed national budget for 2025 is set at 6.12 trillion PHP./.
