{"id":19893,"date":"2024-07-24T03:01:41","date_gmt":"2024-07-24T03:01:41","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/"},"modified":"2024-07-24T03:01:41","modified_gmt":"2024-07-24T03:01:41","slug":"fiscal-plan-for-marcos-3rd-year-missed-in-sona","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/","title":{"rendered":"Fiscal plan for Marcos\u2019 3rd year missed in SONA"},"content":{"rendered":"
\n

By Kyle Aristophere T. Atienza, <\/b><\/span>Reporter<\/i><\/p>\n

PRESIDENT Ferdinand R. Marcos, Jr. failed to discuss plans to address the country\u2019s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue \u201caggressive\u201d infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.<\/span><\/p>\n

\u201cThere were no concrete sources of funds from the President\u2019s SONA,\u201d Emy Ruth Gianan, who teaches economics at the Polytechnic University of the Philippines, said in a Facebook Messenger chat.<\/span><\/p>\n

\u201cThere was also no reminder for the Bureau of Internal Revenue to beef up tax collections or other levying units to improve revenue generation,\u201d she added.<\/p>\n

In his third SONA on Monday, Mr. Marcos said his government is pursuing an \u201caggressive\u201d infrastructure development in line with the country\u2019s goal to become an upper middle-income economy by next year.<\/p>\n

\u201cOur power and internet services are continuously being upgraded in both capacity and connectivity,\u201d Mr. Marcos said, adding that the government is building \u201cessential infrastructure and linkages\u201d to support artificial intelligence systems \u201cfor high-impact practical applications.\u201d<\/p>\n

He said the government will boost scholarships and research grants in line with the \u201cagenda to foster startups\u201d and \u201ccommercialize and mass produce research and development outputs.\u201d<\/p>\n

Mr. Marcos also vowed to pursue a wage hike for government employees and implement an expanded career progression system for public school teachers.<\/p>\n

Even though these programs will require massive funding, the President did not call for new taxes or discuss other sources of revenues. <\/span><\/p>\n

\u201cThe President\u2019s declarations on infrastructure and other key initiatives cost money. If we adhere to the policy of simply improving our tax administration without new forms or higher rates of appropriate taxes, the only option is to increase our borrowings,\u201d Diwa C. Guinigundo, a former central bank deputy governor, said in a Viber message.<\/p>\n

The National Government (NG) borrows from both foreign and domestic lenders to fund its budget deficit as it spends more than its revenues to support infrastructure projects and boost economic growth. The budget deficit in the January-May period widened by 24.06% to P404.8 billion.<\/span><\/p>\n

\u201cIn time, if borrowings are not translated into growth, debt servicing could even divert public money away from supporting more infrastructure and productive activities in the future,\u201d Mr. Guinigundo said.<\/p>\n

Economic managers are targeting 6-7% gross domestic product (GDP) growth this year.<\/p>\n

Government debt hit a record high of P15.35 trillion at the end of May, according to the Bureau of the Treasury (BTr), which largely pointed to the weakening of the local currency against the greenback. <\/span><\/p>\n

\u201cAny form of public goods will require substantial amounts of funds. Hence, a good measure of how SONA should consider not just the type of public goods that will be delivered but also how the public will have to pay in order to acquire them,\u201d said Leonardo A. Lanzona, Jr., who teaches economics at the Ateneo de Manila University.<\/span><\/p>\n

\u201cIn the face of substantial debts and huge budget deficits, this dream that the government will supply for all of this infrastructure and higher wages for government officials will be impossible,\u201d he said in an e-mail.<\/span><\/p>\n

At a post-SONA briefing on Tuesday, Budget Secretary Amenah F. Pangandaman said the department had set aside some P9.5 billion for the new medical allowance for government employees announced by Mr. Marcos.<\/p>\n

The appropriation was allocated under the Miscellaneous Personnel Benefits Fund for 2025, she noted, adding that government workers will each receive a medical allowance as a subsidy to avail themselves of Health Maintenance Organization (HMO) benefits.<\/p>\n

The allowance covers employees under National Government agencies, state universities and colleges, and government-owned and -controlled corporations (GOCCs). <\/span><\/p>\n

Ms. Pangandaman also said Mr. Marcos will issue an executive order detailing the four-tranche salary hike for government workers.<\/span><\/p>\n

About P70 billion has been set aside under the 2025 National Expenditure Program to ensure the implementation of the first and second tranches, she said.<\/p>\n

The last time government workers\u2019 salaries were increased was in 2023, she said, referring to the fourth and last tranches of the Salary Standardization Law of 2019.<\/p>\n

At the post-SONA briefing, Finance Secretary Ralph G. Recto said the government is targeting to double its revenue from nontax collections this year.<\/p>\n

\u201cLast year it was about P200 billion. This year, we will get about P400 billion\u2026 We are on track to hit our fiscal target for the entire year and that\u2019s roughly about P4.25 trillion,\u201d Mr. Recto said.<\/span><\/p>\n

At its June meeting, the Development Budget Coordination Committee retained the P4.27-trillion revenue target, as well as the P5.75-trillion expenditure program for this year. The fiscal deficit ceiling is set at P1.48 trillion or -5.6% of GDP this year.<\/p>\n

A large portion of the nontax revenues collected by the government in the first six months of the year came from remittances from GOCCs, the privatization of government assets, as well as income from the National Treasury, he noted.<\/p>\n

In his speech, Mr. Marcos said the Philippine financial system remains robust and resilient, adding that tax and nontax revenue collection was \u201calso eff<\/span>icient.\u201d<\/p>\n

\u201cNotably, for the past two years, our GOCCs remitted dividends to the National Government with a combined tally exceeding their contributions in 2022,\u201d he said.<\/p>\n

BUDGET
\n<\/b>Mr. Marcos also called on Congress to ensure that the proposed budget for 2025 \u2014 pegged at P6.352 trillion, which is higher than this year\u2019s P5.768 trillion \u2014 is not just approved in a timely manner but also \u201cbe adhered to as closely as possible.\u201d<\/p>\n

\u201cWe expect all agencies to ensure that every centavo allocated will be judiciously spent for our urgent priorities and socially impactful programs,\u201d he said.<\/p>\n

The Budget department is scheduled to submit its proposed 2025 National Expenditure Plan to Congress on July 29.<\/p>\n

Mr. Lanzona said the government should have a strategy also in terms of financing its programs and plans.<\/p>\n

\u201cThis means priorities need to be instituted first and then as the time progresses as resources become available, then other promised goods can be obtained until towards the end of the President\u2019s term,\u201d he added.<\/p>\n

\u201cWithout such a strategy, none of these become feasible unless greater debts and more budget deficits are incurred.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

PRESIDENT Ferdinand R. Marcos, Jr. failed to discuss plans to address the country\u2019s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue \u201caggressive\u201d infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[3184,14644,6647,168,594,6347,4645,18890,1369],"class_list":["post-19893","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-3rd","tag-bworldonline","tag-fiscal","tag-for","tag-marcos","tag-missed","tag-plan","tag-sona","tag-year"],"yoast_head":"\nFiscal plan for Marcos\u2019 3rd year missed in SONA - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fiscal plan for Marcos\u2019 3rd year missed in SONA - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"PRESIDENT Ferdinand R. Marcos, Jr. failed to discuss plans to address the country\u2019s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue \u201caggressive\u201d infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Buzz\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-24T03:01:41+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\"},\"headline\":\"Fiscal plan for Marcos\u2019 3rd year missed in SONA\",\"datePublished\":\"2024-07-24T03:01:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/\"},\"wordCount\":1027,\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"keywords\":[\"3rd\",\"bworldonline\",\"fiscal\",\"for\",\"marcos:\",\"missed\",\"plan\",\"sona\",\"year\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/\",\"name\":\"Fiscal plan for Marcos\u2019 3rd year missed in SONA - Energy Buzz\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\"},\"datePublished\":\"2024-07-24T03:01:41+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fiscal plan for Marcos\u2019 3rd year missed in SONA\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#website\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"name\":\"Energy Buzz\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/energybuzz.ph\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\",\"name\":\"Energy Buzz\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"contentUrl\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/EnergyBuzzLogo.png\",\"width\":1315,\"height\":656,\"caption\":\"Energy Buzz\"},\"image\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\\\/\\\/energybuzz.ph\\\/staging\\\/6915\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fiscal plan for Marcos\u2019 3rd year missed in SONA - Energy Buzz","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/","og_locale":"en_US","og_type":"article","og_title":"Fiscal plan for Marcos\u2019 3rd year missed in SONA - Energy Buzz","og_description":"PRESIDENT Ferdinand R. Marcos, Jr. failed to discuss plans to address the country\u2019s fiscal situation in his third State of the Nation Address (SONA), despite his vows to pursue \u201caggressive\u201d infrastructure projects and pushing for a wage hike for government workers and teachers, economists said.","og_url":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/","og_site_name":"Energy Buzz","article_published_time":"2024-07-24T03:01:41+00:00","author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/#article","isPartOf":{"@id":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/"},"author":{"name":"admin","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892"},"headline":"Fiscal plan for Marcos\u2019 3rd year missed in SONA","datePublished":"2024-07-24T03:01:41+00:00","mainEntityOfPage":{"@id":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/"},"wordCount":1027,"publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"keywords":["3rd","bworldonline","fiscal","for","marcos:","missed","plan","sona","year"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/","url":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/","name":"Fiscal plan for Marcos\u2019 3rd year missed in SONA - Energy Buzz","isPartOf":{"@id":"https:\/\/energybuzz.ph\/#website"},"datePublished":"2024-07-24T03:01:41+00:00","breadcrumb":{"@id":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/energybuzz.ph\/fiscal-plan-for-marcos-3rd-year-missed-in-sona\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/energybuzz.ph\/staging\/6915\/"},{"@type":"ListItem","position":2,"name":"Fiscal plan for Marcos\u2019 3rd year missed in SONA"}]},{"@type":"WebSite","@id":"https:\/\/energybuzz.ph\/#website","url":"https:\/\/energybuzz.ph\/","name":"Energy Buzz","description":"","publisher":{"@id":"https:\/\/energybuzz.ph\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/energybuzz.ph\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/energybuzz.ph\/#organization","name":"Energy Buzz","url":"https:\/\/energybuzz.ph\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/","url":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","contentUrl":"https:\/\/energybuzz.ph\/staging\/6915\/wp-content\/uploads\/2023\/09\/EnergyBuzzLogo.png","width":1315,"height":656,"caption":"Energy Buzz"},"image":{"@id":"https:\/\/energybuzz.ph\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/energybuzz.ph\/#\/schema\/person\/344f8dbaaecf75e51367eef93f492892","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/136dede3a147ecd1a9946f78a827dcc4c82e31eece4650a789bbb3656cebe664?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/energybuzz.ph\/staging\/6915\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/19893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/comments?post=19893"}],"version-history":[{"count":0,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/posts\/19893\/revisions"}],"wp:attachment":[{"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/media?parent=19893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/categories?post=19893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/energybuzz.ph\/staging\/6915\/wp-json\/wp\/v2\/tags?post=19893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}