The education sector will receive the highest allocation of 852.8 billion pesos or 16% of the total budget, followed by public works with 13%, healthcare with 5%, and social welfare with about 4%, Marcos said in a statement that accompanied the budget proposal.
Marcos aims to expand the Southeast Asian economy by as much as 8% 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% in 2021.Įducation, infrastructure, food security, healthcare and clean energy got top priority in the 2023 budget, which was presented to Congress by a presidential representative.Ĭongress is expected to approve the budget by October and Marcos is expected to sign it into law before year’s end. Marcos’ proposed budget, which is equal to 22.2% of the country’s total economic output, is nearly 5% higher than his predecessor’s spending plan for 2022. asked Congress on Monday for a record $94.40 billion (5.29 trillion pesos) government budget in 2023 to support an ambitious policy agenda aimed at boosting growth and lifting millions out of poverty. Philippine President Ferdinand Marcos Jr.