President Ferdinand Marcos Jr.'s proposed P6.4 trillion budget for 2024 is facing criticism for allegedly prioritizing the needs of politicians and the wealthy over the social and economic needs of the majority. The budget, despite its ambitious title 'Agenda for Prosperity,' is accused of exacerbating existing inequalities.
This is AI generated summarization, which may have errors. For context, always refer to the full article. President Ferdinand Marcos Jr. delivers the State of the Nation POLICY DIRECTIONS. Address during the opening of the 19th Congress, at the House of Representatives on July 22, 2024.The proposed P6.4 trillion budget sounds impressive.
But the way it’s spent doesn’t really respond to the nation’s social and economic needs while, unfortunately, favoring the pork of politicians and profits of the rich.The proposed budget that Pres. Bongbong Marcos (BBM) submitted to Congress on July 29, 2024, was already deeply flawed from the start. Although grandiosely themed “Agenda for Prosperity: Fulfilling the Needs and Aspirations of the Filipino People,” it was anything but that. From the very beginning, it was clear that the budget would make the poor poorer and the rich richer.The national government budget is one of the state’s most potent mechanisms for social and economic development that benefits the majority. To do that, however, presumes that there is a genuine strategy for social and economic development to begin with, where the budget — meaning both its spending and revenue program — is the fiscal expression of that strategy. The proposed P6.4 trillion budget sounds impressive. But the way it’s spent doesn’t really respond to the nation’s social and economic needs while, unfortunately, favoring the pork of politicians and profits of the rich. The budget is a quantitative measure of how much needs to be fixed in the country’s undemocratic politics and inequitable economy.since the start of the Marcos administration: poverty growing to some 16 to19 million families, hunger worsening to over six million families, manufacturing falling to its smallest share of the economy in nearly 80 years, and agriculture down to its smallest share in the country’s histor
Budget Marcos Jr. Inequality Philippines Economy
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