If you sat through President Ferdinand Marcos Jr.’s fifth State of the Nation Address (SONA) last Monday, July 27, you may have noticed a common thread: giveaways. Cash aid, tax exemptions, higher pensions, cheaper electricity, free medicines.
All in all, it was arguably Marcos’ most populist SONA yet. That is to be expected given this year’s many economic headwinds.
Recall that growth slumped to 2.8% in the first quarter, the weakest in five years, and inflation spiked anew after the Middle East conflict sent oil prices soaring: it averaged 4.8% in the first half, well above the 2% to 4% target of the Bangko Sentral ng Pilipinas (BSP). With prices again eroding Filipinos’ purchasing power, the government itself has trimmed its 2026 growth target to 3.5% to 4.5%.
Tellingly, the speech was silent on our long-promised rise to upper middle-income country (UMIC) status, a milestone Malacañang used to trumpet. Perhaps few Filipinos would find that boast believable now.
Ayuda as centerpiece
