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HOME  ❯  SONA 2024 PROMISE TRACKER  ❯  Economy

Economy

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Halfway through his term, President Ferdinand Marcos Jr.’s administration has yet to hit all of its economic targets but he remains “optimistic” about the country’s “sustained resilience” despite global pressures.

Of the president’s 30 economic promises in his State of the Nation Addresses from  2022 to 2024, 11 have been fulfilled, 10 are in progress, six are stalled and three have failed.

The administration continues to struggle with the country’s economic growth targets, which the president had set in his first SONA at 6.5%-8.0% from 2023 to 2028, when his term ends. While the economy posted 7.6% gross domestic product growth in 2022, exceeding the target of 6.5%-7.5% for that year, the government has missed the mark in the last two years under Marcos.

This has forced the administration to revise its GDP forecasts since the 2022 SONA.

The economy grew by only 5.6% in 2023.  It posted the same GDP growth last year, still below the country’s revised target of 6.0%-6.5% for 2024.

However, Marcos says he is “quite satisfied, even proud” of his administration’s economic achievements in 2024.

For the first quarter of 2025, the economy expanded by 5.4%. Last June, the Development Budget Coordination Committee again slashed the full-year growth target, lowering the previous range of 6.0%-8.0% to 5.5%-6.5%. It also now projects the economy to grow by 6.0%-7.0% from 2026 to 2028.

The DBCC said the adjustments took into consideration global developments such as the tensions in the Middle East and the tariff imposition of the United States. On July 10, U.S. President Donald Trump set a 20% tariff on Philippine goods but the government wants to  negotiate this. On July 11, Malacanang Palace confirmed that Marcos will meet with Trump in the U.S. this month.

In 2023, the national poverty incidence among families was logged at 10.9%, a decrease from 13.2% in 2021. Despite the downtrend, the number still equates to 2.99 million Filipinos without enough income to meet their basic food and non-food necessities.

The country, however, appears on track to reach “upper-middle income” status. According to the World Bank, the country recorded a $4,470 gross national income per capita in 2024, just $26 short of the $4,496 threshold.

This year, the controversial Maharlika Investment Corporation secured its first project – a 20% stake in the National Grid Corporation of the Philippines with P19.5 billion worth of shares.

The Capital Markets Efficiency Promotion Act (CMEPA), one of the administration’s “landmark reforms” that aims to make the tax system on passive income “more competitive, regionally aligned and investor-friendly,” was passed last May. The law was “carved out” from the more comprehensive Passive Income and Financial Intermediary Taxation Act promised by Marcos in 2022.

Most of the president’s priority economic bills have yet to become law, including the Rationalization of the Mining Fiscal Regime (approved by both chambers but still awaiting his signature). The proposed Blue Economy Act got stuck in the bicameral conference committee when the 19th Congress adjourned sine die on June 11.

Other bills like the Excise Tax on Single-Use Plastics, the Motor Vehicle User’s Charge Tax and the Pass Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery have all hurdled the House but were stalled in the Senate.

In a July 10 letter to VERA Files, Senate Secretary Renato Bantug noted that the Budget Modernization Act and Revised Government Auditing Act have been refiled in the 20th congress.

See the status of the president’s promises on the economy in his 2024 SONA here:

Promises

Check The Sources

 

Department of Economy, Planning and Development, As-Delivered Statement of DEPDev Secretary Arsenio M. Balisacan on the First Quarter 2025 Performance…, May 8, 2025

Department of Finance, Recto: PH economy continues to grow among the fastest in ASEAN at 5.4% in Q1 2025 despite global uncertainties, May 8, 2025

Department of Finance, PH economy grows by 7.6% in 2022, surpasses DBCC target, Jan. 26, 2023

Philippine Statistics Authority, GDP Expands by 5.6 Percent in the Fourth Quarter of 2023…, Jan. 31, 2024

Philippine Statistics Authority, GDP Expands by 5.2 Percent in the Fourth Quarter of 2024…, Jan. 30, 2025

Department of Budget and Management, 189th DBCC Joint Statement on the Review of the Medium-Term Macroeconomic Assumptions and Fiscal Years, Dec. 2, 2024

Presidential Communications Office, PBBM satisfied with 2024 economic feats, Jan. 23, 2025

Department of Budget and Management, 191st DBCC Joint Statement on the Review of the Medium-Term Macroeconomic Assumptions…, June 26, 2025

Department of Budget and Management, 189th DBCC Joint Statement on the Review of the Medium-Term Macroeconomic Assumptions and Fiscal Years, Dec. 2, 2024

Philippine News Agency, US sets 20% tariff on PH goods; Manila seeks reconsideration – envoy, July 10, 2025

Manila Bulletin, Gov’t ‘concerned’ about Trump’s 20% tariff on PH goods; to send delegation to renegotiate, July 10, 2025

Presidential Communications Office, Malacañang Press Briefing of Palace Press Officer and PCO Undersecretary Claire Castro, July 11, 2025

Philippine Statistics Authority, Highlights of the 2023 Full Year Official Poverty Statistics, accessed July 17, 2025

World Bank Group, DataBank World Development In the Philippines, accessed July 17, 2025

Senate of the Philippines, CMEPA as against PIFITA…, Oct. 7, 2024

Senate of the Philippines, Policy Brief November 2024, accessed July 7, 2025

Philippine News Agency, House delivers 27 of 28 priority measures for 3rd Regular Session, May 29, 2025

Presidential Broadcast Staff – Radio Television Malacañang, Presentation of the Signed Enhanced Partnership Against Hunger and Poverty–Joint Memorandum Circular, Oct. 28, 2024

 

Exert more efforts to alleviate poverty

Department of Social Welfare and Development, DSWD chief presents signed EPAHP Joint Memo Circular to PBBM, Oct. 28, 2024

 

Implement green lanes, reforms in the capital markets

House of Representatives of the Philippines, Leyte Rep. Ferdinand Martin G. Romualdez, together with Tingog Party-list…, July 3, 2025

Bangko Sentral ng Pilipinas, Executive Order NO. 18 Briefer and Updates as of December 2023, accessed July 17, 2025

Philippine News Agency, 12 projects under green lane now operational since EO 18 issuance, June 5, 2025

Senate of the Philippines, Republic Act No. 12214, accessed May 29, 2025

Department of Finance, Recto welcomes new law that will encourage ordinary Filipinos to invest in PH capital markets…, May 30, 2025

 

Lower price of goods

Philippine Statistics Authority, Summary Inflation Report Consumer Price Index (2018=100): December 2024, Jan. 7, 2025

Philippine Statistics Authority, Summary Inflation Report Consumer Price Index (2018=100): June 2025, July 4, 2025

 

Implement Maharlika Investment Fund

Philstar.com, Maharlika Corp. shelled out P19.5 billion for NGCP stake, Jan. 28, 2025

Philippine News Agency, MIC, Thailand’s CP Group ink tie-up on agri-food, digital, energy, Feb. 8, 2025

Maharlika Investment Corporation, Maharlika and CP Group Seal Landmark Partnership to Catalyze Investments…, Feb. 8, 2025

BusinessMirror, Maharlika Investment Corp., Thailand’s CP Group to raise $1B investment fund…, Feb. 11, 2025

Maharlika Investment Corporation, Maharlika Investment Corporation to Provide USD76.4 Million Bridge Loan…, Feb. 24, 2025

The Philippine Star, Makilala Mining strikes gold, secures $76.4 million bridge loan, Feb. 25, 2025

GMA News Online, Maharlika to provide $76.4-M bridge loan to Makilala Mining Company, Feb. 24, 2025

 

Pass New Government Auditing Code

Office of the Senate Secretary, email correspondence, July 10, 2025

Joel Villanueva, Naghain po tayong muli ngayong Martes ng mga panukalang ating bibigyang prayoridad…, July 11, 2025

Senate of the Philippines, House Bill No. 9674, Dec. 5, 2023

 

Follow SC rule in implementing Local Govt Code,  

Philippine Information Agency, Devolution faces fiscal hurdles; DEPDev study reveals gaps in LGU readiness, May 28, 2025

Department of Economy, Planning and Development, Shifting Gears in Devolution, accessed July 17, 2025

Department of Economy, Planning and Development, REPORT ON PH GOV’T DEVOLUTION STUDY OUT NOW!, May 16, 2025

 

Pass excise tax on single-use plastics

Senate of the Philippines, House Bill No. 4102, Aug. 25, 2022

Senate of the Philippines, Senate Bill No. 1844, June 2, 2023

Inquirer.net, Legarda, Hontiveros renew push for blue economy: Make it a priority, July 11, 2025

Manila Bulletin, Legarda, Hontiveros push anew passage of blue economy bill, July 11, 2025

 

Pass rationalization of mining fiscal regime

Senate of the Philippines, Senate Bill No. 2826, Sept. 17, 2024

Department of Finance, Congress ratifies DOF-led bill creating a fair and equitable mining environment for all, June 13, 2025

 

Pass Motor vehicle user’s charge/road user’s tax 

Senate of the Philippines, House Bill No. 9647, Dec. 13, 2023

Senate of the Philippines, House Bill No. 9647, accessed July 17, 2025

Philippine News Agency, House approves bill hiking road users’ tax, Dec. 12, 2023

 

Pass The Blue Economy Law

Senate of the Philippines, Senate Bill No. 2450, Sept. 25, 2023

Philippine News Agency, House delivers 27 of 28 priority measures for 3rd Regular Session, May 29, 2025

Senate of the Philippines, Senate approves Blue Economy Act, Aug. 19, 2024

 

Implement sound fiscal management, tax admin reforms

Presidential Legislative Liaison Office, President Ferdinand R. Marcos Jr. signed into law Republic Act (RA) No. 12023…, Oct. 2, 2024

Senate of the Philippines, Republic Act No. 12023, Oct. 2, 2024

Department of Finance, Recto: Value-added tax law on digital services ensures equitable tax treatment on all digital businesses…, Oct. 2, 2024

ABS-CBN News, BIR: VAT on non-resident digital services now in effect, June 12, 2025

 

Grow real GDP by 6.5% – 8% every year until 2028

Philippine Statistics Authority, GDP Expands by 5.2 Percent in the Fourth Quarter of 2024: Brings the Full-Year 2024 GDP Year-on-Year Growth Rate to 5.6 Percent, Jan. 30, 2025

Philippine Statistics Authority, GDP Expands by 5.4 Percent in the First Quarter of 2025, May 8, 2025

Department of Economy, Planning, and Development, STATEMENT: Review of the Medium-Term Macroeconomic Assumptions and Fiscal Program…, June 26, 2025

 

Have 9% or “single-digit” poverty rate by 2028

Philippine Statistics Authority, 2023 Full Year Official Poverty Statistics of the Philippines, Aug. 15, 2023

 

Have 3% national government deficit to GDP ratio by 2028

Bureau of the Treasury, Full-Year 2024 Total Revenues Surpassed Target at PHP 4.419 Trillion, Bringing Revenue Effort to 16.72%—The Highest in the Last 27 Years, Feb. 27, 2025

Department of Budget and Management, Budget Secretary Amenah F. Pangandaman Hails 5.7% Budget Deficit Drop, Feb. 28, 2025

 

Have less than 60% NG debt-to-GDP ratio by 2025

Bureau of the Treasury, National Government Debt Recorded at P16.05 Trillion as of End-December 2024, Feb. 4, 2025

Bureau of the Treasury, Debt Indicators, accessed July 18, 2025

BusinessWorld Online, End-March 2025 PHL Debt-to-GDP ratio soars to 62%, highest since 2005, May 9, 2025

Bureau of the Treasury, NG Debt Indicators, accessed July 18, 2025

Congressional Policy and Budget Research Department, Public Debt Sustainability and the Proposed FY 2023 National Budget, accessed July 18, 2025

 

Attain “upper middle-income” status by 2024

Bangko Sentral ng Pilipinas, Gross National Income (GNI) and Gross Domestic Product (GDP) by Industry, accessed July 18, 2025

World Bank Group, World Development Indicators: Philippines, accessed July 18, 2025

 

Keep peso at P51-P53 per $1 in 2022; P51-P55 in 2023

Bangko Sentral ng Pilipinas, Philippine Peso per US Dollar Exchange Rate, accessed July 18, 2025

 

Achieve 7% exports growth in 2022, 6% in 2023-2028

Philippine Statistics Authority, Highlights of the Philippine Export and Import Statistics December 2024, Jan. 24, 2025

Philippine Statistics Authority, International Merchandise Trade Statistics of the Philippines, April 2025, May 30, 2025

 

Pass Budget Modernization Bill

Office of the Speaker, Romualdez files budget reform bill to deliver faster, accountable services to Filipinos, July 6, 2025

House of Representatives of the Philippines, House Bill No. 11, July 3, 2025

Senator Imee R. Marcos, Inihain na ngayong Martes, Hulyo 1, ang unang sampu (10) sa ating mga panukalang batas sa ilalim ng ika-20 Kongreso…, July 1, 2025

Senate of the Philippines, Senate Bill No. 2045, May 8, 2023

Department of Budget and Management, Pangandaman calls for passage of Budget Modernization Bill, Aug. 15, 2024

 

Pass Passive Income and Financial Intermediary Taxation Act

Senate of the Philippines, Republic Act No. 12214, May 29, 2025

Senate of the Philippines, CMEPA as against PIFITA, Oct.7, 2024

 

Pass GUIDE for distressed enterprises

Senate of the Philippines, Senate Bill No. 1640, Jan. 23, 2023