Delayed public spending contributed to higher unemployment rates and broader economic softness, President Ferdinand Marcos Jr. acknowledged Sunday, September 13, following his attendance at the 18th BRICS Summit in India.
Speaking with reporters, Marcos clarified that a temporary halt on public works contracts for comprehensive reviews following his fifth State of the Nation Address (SONA) stalled project implementation, despite funds already being allocated to the Department of Public Works and Highways (DPWH).
“After my SONA, before last, all the construction contracts halted. Tapos inispeksyon, inisa-isa,” Marcos said.
The President noted that the thorough review process hindered project bidding schedules following the release of the National Expenditure Program.
“This time wala, walang nag-bid. Na-delay nang na-delay nang na-delay nang na-delay,” he stated.
Though current government expenditures reflect a single-digit percentage dip compared to the previous year, Marcos expressed confidence that accelerated disbursements in the coming months will narrow the gap and stimulate job growth.
“So at least it’s something that we can do something about and are doing something about, which is the increase,” Marcos said.
While anticipating early signs of economic recovery toward the final quarter of the year, he offered a cautious outlook on full stabilization.
“I hope so. I think so. I don’t know if you can say na tapos na yung trabaho,” Marcos said. “I think you will see the beginnings of it start at the very least. Makikita mo na na may pagganda na.”
Regarding broader market conditions, Marcos flagged volatile food and fuel prices as key inflation drivers.
Although core inflation has moderated to the mid-two-percent level, global tensions—including supply bottlenecks in the Strait of Hormuz and Red Sea conflict zones—continue to cloud energy cost projections.
“I don’t promise anything about inflation because, again, you know as much as I do about what oil prices are going to do today, right?” Marcos added.