Philippines 2027 Budget to rise 6% to 7.2 trillion pesos

[MANILA] The Philippines plans to increase the Budget by 6 per cent in 2027 to 7.2 trillion pesos (S$152 billion), according to the budget department.

Revenue is forecast to grow by 8.3 per cent and spending 6.7 per cent, according to a statement posted on the department’s website.

The Budget deficit is expected to narrow to 5.1 per cent of gross domestic product from 5.4 per cent in 2026.

President Ferdinand Marcos Jr is seeking to re-energise an economy that was among Asia’s hardest hit by higher oil prices, which fuelled inflation and weakened growth.

The government is targeting economic growth of up to 6 per cent in 2027, compared with 3.5 to 4.5 per cent in 2026.

“The issues surrounding alleged anomalies in flood control projects last year and, more recently, the conflict involving the US, Israel and Iran made a drastic impact on the country’s macroeconomic fundamentals,” the Department of Budget and Management said. BLOOMBERG