Marcos Jr. eyes economic gains through MTFF within next five years

MANILA, Philippines – President Ferdinand “Bongbong” Marcos Jr. believes that the Philippines is on the path to economic recovery as the Medium-Term Fiscal Framework (MTFF) would help the country achieve “economic transformation.”

In his budget message in the submitted 2024 National Expenditure program, Marcos Jr. said that several obstacles hindered the Philippines on the path to economic recovery in 2022 when he assumed the presidency.

“Last year, there were strong headwinds that confronted us in our path to economic recovery, among which was inflation. To strategically address these, the MTFF was formulated by our economic managers,” Marcos Jr. said.

The MTFF was approved by both the Senate and House of Representatives in the same year.

“This MTFF was supported by the two Houses of Congress – a first in our history. It now serves as the bedrock of our plan for economic transformation,” he added.

Under the MTFF, the administration aims that by 2028, it would have achieved 6.5 to 8 percent real Gross Domestic Product (GDP), a 3 percent national government deficit to GDP ratio, and less than 60 percent national government debt-to-GDP ratio.

It also targets to have a poverty rate of nine percent or lower and a gross national income per capita of 4,256 US dollars.

Marcos Jr. also said that the Philippine Development Plan from 2023 to 2028 aims to secure the people’s purchasing power while ensuring quality jobs and world-class products.

On Wednesday, the Department of Budget and Management submitted to the House of Representatives the proposed 2024 budget plan amounting to P5.768 trillion.

READ: House receives proposed P5.768-T nat’l budget for 2024 from DBM

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