Overview

• In a national broadcast, the president sent the 2026 budget to Congress, projecting 14% inflation, about 4.5% GDP growth and a 2.2% primary surplus.
• The bill bars Treasury borrowing from the Central Bank and includes a fiscal-stability rule that forces spending adjustments if revenues undershoot.
• Social and human-capital outlays rise in real terms, with 4.8 trillion pesos for national universities, pensions up 5% above inflation, health up 17%, education up 8% and disability pensions up 5%.
• The program deepens fiscal consolidation with further energy subsidy cuts and tariff moves toward cost recovery, alongside plans to advance tax reform and privatizations.
• Opposition parties and provincial leaders issued sharp reactions, signaling an amendment-heavy review in a divided Congress and renewed friction over transfers and ATN funds.