Makati city: The government has earmarked PHP1.4 billion in primary spending for the first quarter of 2026 in a bid to bolster economic recovery efforts, Finance Secretary Frederick Go announced on Friday. This financial commitment comes on the heels of a deceleration in economic growth, which dropped to 4.4 percent in 2025 from 5.7 percent the previous year. The slowdown has been attributed to various challenges, including a flood-control corruption scandal, adverse weather conditions, and global economic uncertainties.

According to Philippines News Agency, Go revealed these plans while attending the Philippine Life Insurance Association (PLIA) officers' oath-taking ceremony in Makati City. He highlighted that discussions with officials from several government agencies had taken place earlier in the week to finalize the spending plan. "It's PHP1.4 billion for primary spending for the first quarter," Go stated, emphasizing the importance of this allocation.

Primary spending refers to the total expenditure within a specified period, excluding payments for government liabilities. Go noted that the meeting included representatives from the five largest spending agencies this year: the Department of Education, the Department of Public Works and Highways, the Department of Health, the Department of Transportation, and the Department of Agriculture.

Go also mentioned ongoing coordination with the Department of Budget and Management (DBM) to ensure the timely release and circulation of these funds within the economy. "I'm constantly coordinating with the DBM on the release of these funds because we need them to circulate in the economy," he added.

In his address to PLIA members, Go reassured that the country's economic foundation remains stable, suggesting a positive outlook for the upcoming year. "None of the macroeconomic fundamentals have changed. So, we should get back on track this year," he affirmed.