{"id":3589,"date":"2022-08-22T04:42:00","date_gmt":"2022-08-22T04:42:00","guid":{"rendered":"https:\/\/asiaposts.com\/philippines-marcos-seeks-record-us94-billion-budget-for-2023\/"},"modified":"2022-08-22T04:42:00","modified_gmt":"2022-08-22T04:42:00","slug":"philippines-marcos-seeks-record-us94-billion-budget-for-2023","status":"publish","type":"post","link":"https:\/\/asiaposts.com\/philippines-marcos-seeks-record-us94-billion-budget-for-2023\/","title":{"rendered":"Philippines’ Marcos seeks record US$94 billion budget for 2023"},"content":{"rendered":"

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MANILA: Philippine President Ferdinand Marcos Jr asked Congress on Monday (Aug 22) for a record 5.29 trillion pesos (US$94.40 billion) government budget in 2023 to support an ambitious policy agenda aimed at boosting growth and lifting millions out of poverty.<\/p>\n

Marcos’ proposed budget, which is equal to 22.2 per cent of the country’s total economic output, is nearly 5 per cent higher than his predecessor’s spending plan for 2022.<\/p>\n

He is aiming to expand the Southeast Asian economy by as much as 8 per cent during his six-year term, to keep its place among Asia’s fastest-growing nations, and halve the poverty rate, which stood at 18.1 per cent in 2021.<\/p>\n

Education, infrastructure, food security, healthcare and clean energy got top priority in the 2023 budget, which was presented to Congress by a presidential representative.<\/p>\n

Congress is expected to approve the budget by October and Marcos is expected to sign it into law before year’s end.<\/p>\n

The education sector will receive the highest allocation of 852.8 billion pesos or 16 per cent of the total budget, followed by public works with 13 per cent, healthcare with 5 per cent, and social welfare with about 4 per cent, Marcos said in a statement that accompanied the budget proposal.<\/p>\n

The president, who is the son and namesake of the strongman toppled in a 1986 uprising, also runs the agriculture portfolio, which will receive 184.1 billion pesos, a 40 per cent jump from its 2022 budget.<\/p>\n

Marcos, who won a single six-year term in the May election, commands a supermajority in Congress, boosting chances of advancing his legislative agenda, including his 2023 expenditure programme. His cousin, Ferdinand Martin Romualdez, is the speaker of the lower house.<\/p>\n<\/div>\n

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