“I will have a merry Christmas because this is as fine a Christmas gift a president can receive from his legislature,” Marcos said in a speech after signing the bill.
Philippine President Ferdinand Marcos Jr on Friday signed into law the 2023 budget bill which authorises a record 5.27 trillion pesos spending to support his administration’s ambitious economic agenda.
Next year’s budget, the first for the Marcos administration, is equal to 22.2% of the country’s total economic output, and is nearly 5% higher than predecessor’s Rodrigo Duterte’s spending plan for 2022. Marcos is the son and namesake of the late strongman who was famously toppled in a 1986 “people power” uprising after two decades in power. He won a landslide victory in the May election, ensuring his allies control the legislature.
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