Philippine President Ferdinand Marcos Jr (Photo: AFP/VNA) Hanoi (VNA) – Philippine President Ferdinand Marcos Jr. on December 20 signedinto law the national budget for2024 worth over 5.7 trillion PHP (103.3 billion USD) which includes plans to combat poverty and boost economic growth.
The2024 budget is nearly 10% higher than 2023’s and the highest ever.
Ina speech after signing the budget, Marcos said that his government is committedto good governance and spending it efficiently.
ThePhilippine government has not yet announced detailed allocations, but accordingto the Constitution, spending on the education sector accounts for the majorityof the national budget.
Analystspredict 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 nextyear to 6.5%-7.5% from the previous range of 6.5%-8% due to concerns thatextreme weather could reduce agricultural output.
The proposed national budget for2025 is set at 6.12 trillion PHP./.
