Philippines' Marcos proposes $118 billion budget for 2027

MANILA, Aug 11 : Philippine President Ferdinand Marcos Jr. asked Congress on Tuesday to approve a 7.2 trillion-peso ($118.1 billion) budget for 2027, 6 per cent higher than this year, as his government sought to regain momentum after a sharp economic slowdown and a corruption scandal that has slowed infrastructure spending.The Philippine economy grew 2.3 per cent in the second quarter from a year earlier, its weakest pace since 2021, due to a slump in construction and softer domestic demand. That brought first-half growth to 2.6 per cent, below the 3.5 per cent to 4.5 per cent target for the year. • Next year's proposed spending plan is equivalent to 21.7 per cent of gross domestic product, the Department of Budget and Management said.• Education will continue to receive the biggest share