How much is the federal budget of Philippines?
Philippines' Marcos signs into law record $103 billion budget for 2024 | Reuters.
News Release
President Ferdinand R. Marcos Jr. led the ceremonial signing of the P5. 768-trillion 2024 national budget on Wednesday, calling on agencies to carry out the expenditure program lawfully and to honor the taxpayers who made the next year's budget possible.
768 trillion national budget for 2024, which allocates the biggest appropriation for the social services and economic services sectors, will support the priorities and policy directions of the Marcos administration's 8-Point Socioeconomic Agenda and is aligned with the Philippine Development Plan 2023-2028.
MANILA – The national government's budget deficit went down by 6.32 percent to PHP1. 51 trillion last year from PHP1. 61 trillion in 2022.
He highlighted that this commitment is reflected in the newly passed P5. 768 trillion 2024 National Budget, which allocates P285. 69 billion to the Defense Sector, marking a significant increase compared to the P203. 4 billion allocated in 2023.
MANILA – The Bureau of the Treasury (BTr) on Monday reported that the National Government (NG) has paid PHP1. 53 trillion of its total debt from January to November 2023. The NG settled a bigger amount of its debt obligations for the first 11 months of 2023, a 4.8 percent higher than its debt payment of PHP991.
In a statement, the Development Budget Coordination Committee (DBCC) said the proposed national budget for 2025 is set at P6. 120 trillion, higher than the P5. 768 trillion appropriations for 2024. The 2025 national budget pitch is equivalent to 20.5% of the country's gross domestic product (GDP).
In 2023, the Philippine economy is estimated to be at ₱25.27 trillion ($436.6 billion), making it the world's 34th largest by nominal GDP and 14th largest in Asia according to the International Monetary Fund. $475.94 billion (nominal; 2024 est.) $1.38 trillion (PPP; 2024 est.)
The proposed 2024 budget amounts to PhP5. 768 trillion. It is 9.5 percent higher than the 2023 budget of PhP5.
culture and manpower development, as well as social security, welfare, and employment, among others. Education also remains the top recipient, as mandated by the 1987 Constitution, with an allocation of Php 924.7 billion, higher than the Php 895.2 billion in the FY 2023 National Budget.
Why is Philippines in so much debt?
The Philippines borrows heavily from both onshore and offshore creditors to finance its widening budget deficit as the country continues to spend more than what it earns from revenue collections. The debt stock was 14.3 percent higher than the P11. 93 trillion recorded as of November 2021.
The Philippines closed the year 2023 with a new record-high sovereign debt balance of P14. 62 trillion, data released by the Bureau of the Treasury on Wednesday showed.
Philippines National Government Debt reached 262.5 USD bn in Jan 2024, compared with 263.0 USD bn in the previous month. Philippines National Government Debt data is updated monthly, available from Jan 1993 to Jan 2024.
| Rank | Country | Spending (US$ bn) |
|---|---|---|
| World total | 2,240 | |
| 1 | United States | 877.0 |
| 2 | China | 292.0 |
| 3 | Russia | 86.4 |
2021: the budget was announced to be 1.35 trillion yuan (US$209 billion), an increase of 6.8%. 2022: the budget was announced to be 1.45 trillion yuan (US$230 billion), which is an increase of 7.1% over the last year.
BEIJING (AP) — China on Tuesday announced a 7.2% increase in its defense budget, which is already the world's second-highest behind the United States at 1.6 trillion yuan ($222 billion), roughly mirroring last year's rise.
- Japan. Japan has the highest percentage of national debt in the world at 259.43% of its annual GDP. ...
- United States. ...
- China. ...
- Russia.
- Brunei. 3.2%
- Afghanistan. 7.8%
- Kuwait. 11.5%
- Democratic Republic of Congo. 15.2%
- Eswatini. 15.5%
- Palestine. 16.4%
- Russia. 17.8%
The $34 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts.
If you're a budget traveler, you can expect to spend around $30 to $50 per day in the Philippines. This includes accommodation, meals, transportation, and some activities.
What will be the economy in the Philippines in 2024?
Despite facing global economic challenges such as inflation and economic uncertainty, the Philippine economy is poised for continued progress in 2024, with a projected growth of 5.5 to 6 percent.
National Economic and Development Authority Secretary Arsenio Balisacan told reporters Wednesday that the government is confident that the economy will expand at a pace of 6.5%-7.5% in 2024 — which will help the Philippines retain the region's top growth tag.
Spain also agreed to sell the Philippines to the United States for the sum of $20 million. The U.S. Senate ratified the treaty on February 6, 1899, by a margin of only one vote.
With continued recovery and reform efforts, the country is getting back on track on its way from a lower middle-income country with a gross national income per capita of US$3,950 in 2023 to an upper middle-income country (per capita income range of US$4,466 -US$13,845).
Both countries have overall young populations with average age of 24, both are classified under Lower Middle Income countries, both have good command of English and both are known to be BPO hotspots although in terms of Global Innovation Index, India is ahead while in terms GDP per capita, Philippines is ahead.
