Finance Secretary Ralph Recto assured senators on Tuesday that the proposed ₱6.79-trillion national budget for 2026 will focus on projects with the “highest multiplier effect” to drive economic growth and improve public services.
Speaking before the Development Budget Coordination Committee’s Senate briefing, Recto said the National Expenditure Program is designed to fund key sectors, including infrastructure, education, health, agriculture, and social welfare.
“Walang ghost projects dapat. Walang kurapsyon. Walang sayang na piso (There should be no ghost projects. No corruption. No wasted peso),” Recto stressed, adding that efficient spending is the best way to encourage tax compliance.
According to Recto, the government plans to allocate 5–6% of GDP for infrastructure, 4% for education, and roughly 4% for health, agriculture, and social welfare programs.
He also highlighted the country’s strong economic performance, noting that Philippine inflation slowed to 0.9% in July, well below the global average of 4.2%.
“Considering the heavy debt we inherited, the higher policy rates, and global headwinds, growing by an average of 5.9% under the Marcos administration is no small feat,” Recto said, adding that the country’s growth remains one of the fastest in Asia.
Since 2022, the economy has generated about 6 million jobs, pushing total employment to a record 50.5 million, with 31.8 million in stable, formal work. Recto said this reflects a strengthening middle class and a consumer market projected to become the 13th largest in the world by 2030.
The proposed budget aligns with the Medium-Term Fiscal Program, aiming to reduce the deficit and debt, create more jobs, and cut poverty to single digits by the end of President Ferdinand Marcos Jr.’s term.
“The 2026 proposed budget will help us get there. Let’s ensure that it works as hard as the people who fund it — the taxpayers,” Recto told senators.
