DOF sees robust Philippine economy next year
Finance Secretary Ralph Recto sees a robust Philippine economy next year following the signing of the 2025 national budget.
Recto expressed such optimism during a press briefing in Malacanang where he reported that education and capital outlay sector initiatives of the Department of Public Works and Highways (DPWH) were prioritized in the approved national outlay.
Recto underscored the historic decision of President Ferdinand Marcos Jr. to allocate unprecedented funding to both the education sector and the DPWH.
“I think the President wants to prioritize the additional spending on education, which is found in the unprogrammed portion of the budget. So, if there are excess revenues, we will immediately release that part of the budget,” Recto said.
“But I’d like to say also that this is the first time in our history that you have both the education sector and the capital outlay sector of the DPWH, and the DOTr (Department of Transportation) to hit a trillion pesos. So, that would augur well for the economy’s growth for 2025,” he added.
Marcos signed the P6.326 trillion 2025 national budget with the education sector receiving an allocation of P1.05 trillion.
It is followed by public works with P1.007 trillion; national defense with P315.1 billion; Interior and Local Government with P 279.1 billion; Health with P 267.8 billion; and agriculture with P237.4 billion.
The Department of Social Welfare and Development had an allocation of P217.5 billion; DOTr with P123.7 billion; Judiciary, P64.0 billion; and Department of Justice at PhP42.2 billion.
The budget, initially amounting to P6.352 trillion, was reduced to P6.326 trillion following the veto of P194 billion worth of line items deemed “inconsistent with the administration’s priority programs.”
Of the P194 billion, Marcos directly vetoed P26.065 billion worth of projects under the Department of Public Works and Highways and P168.240 billion allocated under Unprogrammed Appropriations.
Marcos also pursued Conditional Implementation on specific items to ensure funds are utilized effectively, emphasizing that the government must not be merely a provisional solution, but address long-term issues. Presidential News Desk
