READ | Full text of President Marcos Jr's 2nd SONA.

STATE OF THE NATION ADDRESS OF HIS EXCELLENCY FERDINAND R. MARCOS JR., PRESIDENT OF THE PHILIPPINES, TO THE CONGRESS OF THE PHILIPPINES

[Delivered at the Session Hall of the House of Representatives, Batasang Pambansa Complex, Quezon City on July 24, 2023]

Thank you. Thank you very much.

Allow me to greet Vice President Sara Zimmerman Duterte; the former Presidents - our former Presidents, President Joseph Ejercito Estrada and President Gloria Macapagal-Arroyo; Senate President Juan Miguel Zubiri and the Honorable Members of the Senate; House Speaker Ferdinand Martin Romualdez and the Honorable Members of the House of Representatives; Chief Justice Alexander Gesmundo and the Honorable Justices of the Supreme Court; His Excellency, Most Reverend Charles John Brown and the esteemed members of the Diplomatic Corps; Executive Secretary Lucas Bersamin and the members of the Cabinet; First Lady Louise Araneta-Marcos

[applause]; former First Lady, First Lady Imelda Romualdez Marcos [applause]; other distinguished guests; mga minamahal kong kababayan; ladies and gentlemen, magandang hapon po sa inyong lahat.

One year ago today, I stood here before you, setting forth the plans that we have to improve our economy, bring jobs to our people, improve the ease of doing business, recalibrate our educational system to adapt to the new economy, lower and rationalize energy costs, boost agricultural production, enhance healthcare, and continue social programs for the poor and the vulnerable.

Let me now report to the people on the successes that we can now lay claim to, and also the challenges that we continue to face.

Last year, we emphasized certain strong headwinds that were confronting us along with the rest of the world in our post-pandemic economic recovery.

And the biggest problem that we encountered was inflation.

Maraming kaganapan sa mundo ang nakapagpagulo sa maayos na takbo ng pandaigdigang merkado. Bukod sa digmaan sa Ukraine, naroon ang patuloy na epekto ng pandemya. Pinalala pa ito ng pagbabawas ng produksyon ng mga bansang pinagkukuhanan natin ng langis. Nang tumaas ang presyo nito, nagsunuran na rin ang presyo ng iba't ibang bilihin- ang gasolina, ang kuryente, at ang pagkain.

Ramdam sa buong daigdig, pati na sa Pilipinas, ang naging pagtaas ng mga presyo ng bilihin noong mga nakalipas na buwan.

Sinuri nating mabuti ang sitwasyon. Sa tulong ng ating mga ekonomista, nakapagbalangkas tayo ng mga polisiya na magsisilbing pundasyon ng ating ekonomiya sa mga susunod na taon. Ito ay nakasaad sa ating Medium-Term Fiscal Framework, na sinuportahan ninyo sa Kongreso.

Kasabay nito ang paglulunsad ng mga istratehiya na magpapalakas sa kakayahan ng ating mga kababayan at mga sektor ng ating ekonomiya.

Nakakita po tayo ng magagandang resulta.

While the global prospects were bleak, our economy posted a 7.6 percent growth in 2022-our highest growth rate in 46 years. [applause] For the first quarter of this year, our growth has registered at 6.4 percent. It remains within our target of 6 to 7 percent for 2023. We are still considered to be among the fastest-growing economies in the Asian region and in the world. [applause] It is a testament to our strong macroeconomic fundamentals.

Our financial system, the nerve center of our economy, remains strong and stable. Banks, the transmission arms of our monetary policy, have strong capital and liquidity positions.

Stimulated by the relaxation of pandemic restrictions, transactions once again have flourished-alongside the booming e-commerce that was undeterred by the pandemic. In 2022, the digital economy contributed 2 trillion pesos, the equivalent of 9.4 percent of our GDP. The economy is revived and rejuvenated, backstopped by a favorable enabling environment and the strong rule of law.

This year, the World Bank projects a 6 percent overall growth rate, well within the range of our target for the year. It is anchored on strong local demand, underpinned by consumer spending, and draws strength from the BPO industry, and of course, the steady flow of remittances, and the continuing jobs recovery.

Inflation rate is moving in the right direction. From 8.7 percent in January, our inflation has continued to ease up in all regions, settling now at 5.4 percent for June. What this means is that in spite of all the difficulties, we are transforming the economy. We are stabilizing the prices of all critical commodities.

According to the Bangko Sentral, inflation is expected to ease further by the close of the year, and projected at 2.9 percent by 2024. [applause]

On matters of the economy, there are many things over which we have no control. But over those where we do have control, we are doing everything we can.

Puspusan ang ating ginagawa upang pataasin ang produksyon ng ating ekonomiya. Pinapalago natin ang mga industriya. Dinadagdagan natin ang mga imprastraktura upang mas mapabilis ang daloy ng mga produkto at ng serbisyo. Higit sa lahat, pinapalakas natin ang kakayahan ng mga mamamayan upang mapaganda nila ang kanilang pamumuhay. Ito ang puno't dulo ng ating Philippine Development Plan.

Investments in public infrastructure and in the capacity of our people-through food, education, health, jobs, and social protection-remain our top priority. For this year, economic and social services were allocated almost 70% of the national budget.

Higher revenue collections will be critical in our bid to bolster public investments. Under our fiscal framework, we envision our tax and revenue efforts to further increase, to up to 16.9 percent and 17.3 percent by 2028.

Revenue generation has improved this year. From January to May, the Bureau of Internal Revenue has posted record collections, amounting to 1.05 trillion pesos, an increase of almost 10 percent over the last year. For its part, the Bureau of Customs has also increased its collection by 7.4 percent for the first seven months of 2023, amounting to 476 billion pesos. Since July 2022, we have seen increased revenues from PAGCOR of 47.9 percent, and from the PCSO of

20 percent.

We therefore seek once again the continued support of Congress to enact into law the policies and reforms under our fiscal framework.

Sa mga nakalipas na buwan, nakita natin ang pagbaba ng presyo ng bilihin sa iba't ibang mga sektor.

Napatunayan natin na kayang maipababa ang presyo ng bigas, karne, isda, gulay, at asukal.

Malaking tulong ang KADIWA stores na ating muling binuhay at inilunsad. Ang layunin ng KADIWA ay pag-ugnayin ang mga magsasaka at ang mga mamimili. Walang iba pang namamagitan. Walang dagdag na gastos at patong. Maganda ang kita ng magsasaka. Nakakatipid din ang mga mamimili.

Sa mahigit pitong libong KADIWA na idinaos sa buong Pilipinas, 1.8 milyon na na pamilya ang nakinabang sa mababang presyo ng bilihin. Sa kabuuan, halos pitong-daang milyon piso ang naging benta ng mga ito, na nakapagbigay ng hanapbuhay sa mga miyembro ng mahigit tatlong libo na kooperatiba at samahan.

Maganda ang nakita nating resulta, kaya papalawigin pa natin ang KADIWA sa buong bansa. [applause] Kamakailan lamang ay nagsanib-puwersa na ang mga ahensiya ng pamahalaan upang lalo pang patibayin ang KADIWA. Katuwang natin dito ang buong sektor ng agrikultura at ang lokal na pamahalaan.

Our aim is to boost our local agricultural production-through consolidation, modernization, mechanization, and improvement of value chains-augmented by timely and calibrated importation, as needed.

Nakita nating tumaas nang 2.2 percent ang sektor ng agrikultura sa unang tatlong buwan ng taong ito.

In our quest for food security, our methods are now more guided by science and the balance of nature, so that production is both sustainable and responsible, benefiting both this and future generations.

Our Fisheries Code must be revised to incorporate and strengthen science-based analysis and determination of fishing areas. This approach will protect both the interests of our fisherfolk and our fisheries and aquatic resources.

To this end, we will seek the support of Congress to amend the Code to guarantee sustainable development of our fisheries sector in harmony with environmental balance. [applause]

Ipinagbubuklod natin ang mga magsasaka, sa

pamamagitan ng farm and fisheries clustering at mga livestock multiplier farms. Tatlong daang clusters na ang ating natukoy na binubuo ng halos siyam na raang kooperatiba, at may lawak na mahigit na dalawang-daang libong ektarya ng bukirin.

Upang mas mapabilis at mas mapadali ang pagbuo ng kooperatiba, kakailanganin natin ang suporta ng Kongreso na maamyendahan ang Cooperative Code. [applause]

Sa pamamagitan nito, unti-unting lalakas ang kanilang produksyon at puwersa sa merkado. Totoo ang kasabihan: mas malakas basta't sama-sama!

Pinapalawak natin ang kanilang kaalaman sa makabagong mga teknolohiya at pamamaraan. Isa na rito ang paggamit ng bio-fertilizers, na gawa sa Pilipinas at subok din at maaasahan. Sa balanced fertilizer strategy, gaganda ang ani ng mga magsasaka. Hindi na nila kailangan pang umasa sa mas mahal at imported na fertilizer. [applause]

Bilang tulong sa mga magsasaka, namigay ang pamahalaan ng mahigit dalawampu't walong libong mga makabagong makinarya at mga kagamitan sa iba't ibang dako ng Pilipinas.

Sa ilalim ng iba't ibang mga programa ng Kagawaran ng Agrikultura, namigay ang pamahalaan ng mahigit na limampung milyong binhi ng palay, mahigit isang milyong binhi ng mais, at sari-saring mga binhi ng gulay. Nagpamigay tayo ng mahigit isandaang libong binhi ng niyog at nagpatanim sa halos sampunlibong ektarya ng lupa sa buong bansa.

Lahat ng mga binhing ito ay makabago, hybrid, at mataas ang kalidad.

Sa naging pagtaas ng presyo ng gasolina at pataba, nagdala ng kaunting ginhawa ang mga fuel at fertilizer discount vouchers na ating pinamigay sa mga nahihirapang magsasaka. Ang mga natanggap nating donasyon na pataba mula sa Tsina, ipinamigay na natin kaagad sa kanila.

Isa sa mga dahilan ng pagtaas ng presyo ay ang mga smugglers, mga...