![]() (Read VERA FILES FACT SHEET: The Maharlika Investment Fund explained) Some of Marcos’ most controversial economic decisions, however, were absent from his inaugural SONA.įor example, the proposed Maharlika Investment Fund (MIF) bill was heavily criticized particularly on the initial provisions that included pension funds–Social Security System (SSS) and Government Service Insurance System (GSIS)–as primary funding sources. As of May, government debt has climbed to P14.10 trillion, which is about 62.1% of the country’s gross domestic product (GDP). The average peso-dollar exchange rate in 2022 was P54.47, depreciating by 9.59%, according to the Bangko Sentral ng Pilipinas. Inflation hit 8.7% in January, the highest recorded since November 2008, and slowed down to 5.4% in June. Marcos also struggled to meet the medium-term targets for inflation, foreign exchange rate and national government debt. Of the 19 bills Marcos enumerated in his first State of the Nation Address (SONA) in July 2022, Congress has not passed the bills on budget modernization, passive income and financial intermediary taxation, valuation reform, and government financial institutions unified initiatives to distressed enterprises for economic recovery, which had been identified as priority measures by the Legislative-Executive Development Advisory Council (LEDAC). But the administration’s economic managers stay optimistic that the country “remains firmly on track” toward post-pandemic recovery. is yet to deliver “substantial” progress on his promises to improve the Philippine economic situation. One year into office, President Ferdinand Marcos Jr.
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