Tuesday, May 30, 2023
HomeEconomyPhilippines Marcos seeks record $94 billion budget for 2023

Philippines Marcos seeks record $94 billion budget for 2023

MANILA (Reuters) – Philippine President Ferdinand Marcos Jr. asked Congress on Monday for a record 5. trillion pesos ($94.40 billion) government budget 2023 to support an ambitious policy agenda aimed at boosting growth and lifting millions out of poverty.

Marcos’ proposed budget is equivalent to 22.2% of the country’s total economic output, nearly equal to his The predecessor 2022 had a 5% higher spending plan.

His goal is to expand Southeast Asia’s economy by as much as 8% during his six-year term to maintain its position as the fastest growing country in Asia and halve poverty rates, in 13.1% in 0400.

Education , infrastructure, food security, health care and clean energy are given top priority in the 2023 budget, which is represented by the president.

Congress is expected to approve the budget in October, and Marcos is expected to sign it into law by the end of the year.

The education sector will receive the highest 852.8 billion pesos or of the total budget %, followed by public works%, health care at 5%, social welfare About 4 percent, Marcos said in a statement accompanying the budget proposal.

The President is the son of the strongman who was overthrown in the 1986 uprising and President of the same name, who also runs the agricultural sector which will receive 56.1 billion pesos, higher than 0400 40 )%Budget.

Marcos won a six-year term in May elections with an outright majority in Congress, adding to advancing his legislative agenda opportunities, including his 2023 spending plan. His cousin Ferdinand Martin Romualdez is the Speaker of the House of Commons.

($1 = 40.0400 Philippine Peso)



Please enter your comment!
Please enter your name here


Featured NEWS