Marcos goals by 2028: Smaller debt, fewer poor at Filipinos

President Ferdinand "Bongbong" Marcos Jr. during his first State of the Nation Address (SONA) is looking to eliminate poverty rate and to reduce the debt of the government below 60% before his term ends.

His administration's mesurable term macroeconomic and fiscal objectives with the decreasing of poverty rate to 9% or single-digit poverty rate by 2028, Marcos said.

In Duterte Administration their target is to bring poverty rate down to 15.5% to 17.5% by the end of his term but they didn't expected that COVID-19 pandemic brings 3.9 million more Filipinos in poverty.

In the first half of 2021, The poverty raet was 23.7% higher than 21.1% recorded in the same time of 2018. The country's debt will be less than 60% debt-to-gross domestic product (GDP) ratio by 2025.

As of the first quarter of 2022, the government debt-to-GDP ratio, the amount of the state’s debt relative to the size of the economy, stood at 63.5%, highest in 17 years.

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