President Ferdinand "Bongbong" Marcos Jr. recognized that the government must do more in the next five years to sustain its initial gains to attain effective and transformative development initiatives.

President Ferdinand 'Bongbong' Marcos Jr. (Ali Vicoy)

Marcos said this in his 2024 Budget Message submitted to Congress on Wednesday, Aug. 2.

In his message, the President said the government confronted strong headwinds on its path toward economic recovery last year, including inflation, which prompted the economic managers to formulate the Medium-Term Fiscal Framework (MTFF) to address those issues strategically.

"For the next five years, we must do more, building on all the gains that we have made—through the whole-of-government and whole-of-society approach. We need this not only to be effective but to be transformative," Marcos wrote.

The MTFF serves as the bedrock of the administration's plan for economic transformation, with the initial result inspiring confidence to pursue the nation's aspiration for peace and progress relentlessly.

According to Marcos, the MTFF lays down clear, measurable, and realistic macroeconomic and fiscal targets, including a 6.5- to 8.0-percent gross domestic product (GDP) growth annually between 2023 to 2028.

The MTFF also aims for a 9.0 percent or a single-digit poverty rate by 2028; and a 3.0 percent National Government deficit to GDP ratio by 2028.

Also, part of the measure is attaining less than 60 percent national government debt to GDP ratio by 2025 and at least $4,256 gross national income (GNI) per capita or attaining upper-middle-income status by 2025.

The P5.768 trillion proposed national budget for 2024 is equivalent to 21.7 percent of GDP and 9.5 percent higher than the FY 2023 General Appropriations Act (GAA), amounting to P5.268 trillion.

According to the Presidential Communications Office (PCO), the proposed budget seeks to provide the necessary funds for government operations and the continuing pursuit of the plan for economic transformation, as embodied in the Philippine Development Plan (PDP) for 2023 to 2028.

The Department of Budget and Management (DBM) also said this week that the proposed budget aims to strengthen the public's purchasing power amid rising fuel prices and in the aftermath of recent calamities.

"The 2024 budget seeks increased funding for agriculture and agrarian reform, along with other related agencies under the Department of Agriculture (DA), reducing logistics and transport costs, funding renewable energy initiatives, and widening social protection coverage," the PCO said.

Meanwhile, President Marcos also mentioned in his Budget Message that the PDP for 2023 to 2028 essentially aims to achieve the country's long-term vision through the two-pronged strategies of strengthening the capabilities and protecting the purchasing power of the people, as well as enhancing the production sectors to generate quality jobs and competitive products.

He said these strategies will be supported by an enabling environment characterized by macroeconomic stability, infrastructure development, bureaucratic efficiency, strong rule of law, and effective climate action.

Expressing optimism, President Marcos said the country's transformative journey has just started.

"Our journey has just begun. We will continue to work closely with the private sector and other branches of government, especially with Congress, for the vital pieces of legislation that are needed along the way," he said.

"We will march on—one nation, one people building a better future together," he added.