As President Ferdinand “Bongbong” Marcos Jr. delivers his fourth State of the Nation Address (SoNA) on Monday, 28 July, Filipinos would be reflecting on his administration’s ambitions, actions, and shortcomings.

From sweeping fiscal reforms and agricultural revival plans to long-delayed infrastructure projects and urgent social safety net expansions, Marcos has entered the second half of his term with a mixed record — marked by legislative accomplishments, lingering implementation gaps, and a political climate reshaped by both global headwinds and domestic recalibrations.

Since taking office in 2022, Marcos Jr. has laid out a broad agenda: revive the economy, rebuild infrastructure, modernize agriculture, ensure food security, digitalize government and prioritize social services. With three years left, his presidency reflects both momentum shifts and missed opportunities.

Taxes reformed, growth tempered

Among the clearest legislative wins is the passage of the Capital Markets Efficiency Promotion Act (RA 12214) in May 2025. The law slashed the stock transaction tax from 0.6 percent to 0.1 percent and eliminated documentary stamp taxes on mutual fund investments — moves that aligned the Philippines with regional peers like Singapore and Malaysia and encouraged broader investor participation. It also provided tax deductions for employers contributing to workers’ retirement savings.

Marcos also delivered on his promise to tax digital services. In October 2024, he signed Republic Act 12023, which imposes a 12 percent VAT on non-resident digital service providers such as Netflix and Google. While consumer advocates warned of possible price hikes, fiscal managers welcomed the law as critical to modernizing revenue collection.

Despite these policy strides, economic targets remain a moving goalpost. The Philippines is projected to grow by 5.5 percent in 2025, missing the administration’s original 6.5 to 8 percent GDP growth target. This tempered growth reflects both external shocks, such as inflation and geopolitical instability, and internal bottlenecks like weak infrastructure and supply chain inefficiencies.

On the fiscal front, progress is evident. The fiscal deficit has narrowed from 8.6 percent of GDP in 2021 to an expected 3.8 percent by 2028. Debt-to-GDP is also on track to dip below 60 percent, a key threshold for macroeconomic stability. However, Marcos has failed, according to economists, to meet his 2024 goal of elevating the Philippines to upper-middle-income status, with Gross National Income per capita still at $3,950 — below the $4,256 benchmark.

POGO ban and investment surge

A bold pivot in 2024 was the President’s declaration to ban Philippine Offshore Gaming Operators (POGOs). Once seen as lucrative, the industry came under fire for its alleged links to criminal syndicates and economic distortions.

Meanwhile, the Philippine Economic Zone Authority (PEZA) reported P530.59 billion in approved investments from 2022 to April 2025, nearing historic highs and surpassing many Duterte-era figures. These investments support strategic industries, consistent with the administration’s commitment to promote high-value sectors and attract foreign capital.

Agrarian reforms

Marcos’ most tangible achievement to date may be in agrarian reform. He pledged to distribute 130,000 land titles and write off billions in unpaid farmer debts. As of July 2025, over 194,000 land titles have been distributed to some 186,000 beneficiaries. Under the New Agrarian Emancipation Act, about P57 billion in agrarian debts have been condoned, aiding more than 600,000 farmers.

Still, the administration’s broader agriculture modernization goals show uneven results. The agri-fisheries sector posted 1.9 percent growth in Q1 2025, a rebound driven by increased sugarcane, palay, and rubber production. However, the Philippines remains the world’s top rice importer, according to the US Department of Agriculture — a persistent reminder of unresolved food insecurity.

In 2024, Marcos also vowed to deliver 100 million kilograms of seeds and fertilizers, 300,000 parent chickens, 500 million fingerlings, and 3,000 fishing boats. Yet the Department of Agriculture has not released consolidated data verifying full delivery.

Efforts to boost irrigation and connectivity include 183 irrigation projects completed since 2024, but official data on the promised 1,200 kilometers of farm-to-market roads remains unavailable.

Anti-smuggling drive

The Bureau of Customs has confiscated over P3 billion worth of smuggled agricultural goods, including rice, onions, fish and vegetables. Seized items have either been destroyed or redistributed to vulnerable communities — a move aligned with the Anti-Agricultural Economic Sabotage Act and the administration’s anti-smuggling pledge.

Healthcare caveats

Marcos pledged to decentralize healthcare and expand access to specialized treatment. In response, the Department of Health reported the funding or construction of over 600 Super Health Centers nationwide. Additionally, the Regional Specialty Centers Act, signed in August 2023, helped establish 126 specialty centers outside Metro Manila by 2024.

PhilHealth has also expanded coverage. Its Konsulta package now includes outpatient consultations and essential medicines for asthma, hypertension, and diabetes. Benefits for cancer and cardiovascular patients have also surged. For instance, breast cancer coverage was increased from P100,000 to P1.4 million, now accessible in over 20 hospitals.

However, promised chemotherapy coverage for lung, liver, ovarian, and prostate cancers, as well as expanded colon cancer benefits, are still in development and expected to roll out later in 2025. Meanwhile, alleged corruption and inefficiency continue to plague PhilHealth operations.

Digital progress and missed tech targets

Digitalization was a major plank in Marcos’ 2022 SoNA. While Phase 1 of the National Fiber Backbone — a 1,200-km optic line between Laoag and Quezon City — was completed in 2024, Phases 2 and 3 are delayed, now targeted for late 2025. The common tower policy is moving ahead, with private investments bringing better connectivity to rural areas.

Still, the rollout of the PhilSys National ID continues to fall short. As of June 2025, only 54.9 million physical IDs have been delivered out of the 92 million target. Marcos also promised a modernized Government Procurement Law, which he signed in July 2024, but efforts to pass the E-Government Act, Blue Economy Act, and the new Government Auditing Code have remained stuck in the Senate.

Transpo: Completions and delays

Infrastructure remains a mixed bag. Marcos inaugurated LRT-1 Cavite Extension Phase 1 in 2024, while privatization of NAIA, Laguindingan, and Panglao airports has been completed under Transportation Secretary Vince Dizon. The government claims it has privatized more airports than any previous administration.

However, large-scale railway projects face delays. The North-South Commuter Railway is now delayed by four years, while the Metro Manila Subway, once promised for 2028, has been rescheduled to 2032. The Common Station for MRT-3, MRT-7, and LRT-1 also remains under construction.

Labor, education and 4Ps

A significant labor milestone was the adjustment of regional minimum wages across all regions, including BARMM, benefiting nearly 4.9 million workers.

On the education front, Vice President Sara Duterte’s exit as Education Secretary led to Senator Sonny Angara taking over the department. Marcos had promised to ensure no public school teacher retires as Teacher I, the entry-level rank. Although 140,000 promotional slots have been created under the Career Progression System, regional implementation remains inconsistent.

Another lingering issue is textbook procurement. Marcos vowed in 2024 to reduce the process from three years to one. The Department of Education has initiated reforms, but shortages and delays persist in many public schools.

Under the Pantawid Pamilyang Pilipino Program (4Ps), Marcos ordered increased grants for pregnant women and families with young children. Yet, as of July 2025, the DSWD and NEDA have yet to confirm the full rollout or release nationwide coverage data.

Water, energy and climate resilience

Recently, the President admitted that the Philippines remains “at the mercy of the weather,” reflecting a more realistic tone on climate vulnerability. Still, some mitigation projects are moving forward.

The Wawa Bulk Water Project Phase 2, expected to supply 710 million liters per day to Metro Manila by December 2025, will benefit over 3.5 million residents. On energy, the Malampaya gas field has been extended by 15 years, with new drilling projected to power Luzon starting late 2026.

The government has suspended the FIT-All surcharge, a levy used to fund renewable energy, and is reviewing other pass-through charges. However, no new reforms or rate suspensions have been enacted. On electrification, the National Electrification Administration reports that only 94 percent of remote households will be energized by year-end — still short of the 100 percent target.

Tourism, remittances and trade

The Philippines welcomed nearly 2.9 million international tourists in the first half of 2025, recovering to pre-pandemic levels. At the same time, OFW remittances hit a record-high $38.34 billion in 2024, bolstering household consumption and propping up balance of payments.

Despite these positives, trade deficits persist, with export growth lagging behind imports amid global market fluctuations.

An administration at the midpoint

As President Marcos Jr. addresses the nation for the fourth time, the public expectations are intensifying. Supporters praise the administration’s bold legislative reforms, while critics warn that ambitious policy declarations have yet to translate into day-to-day impact for many Filipinos.

With three years remaining, the Marcos administration faces a clear imperative: consolidate gains, speed up delivery, and fulfill promises that have so far remained aspirational. From digital governance and transportation to education reform and rural development, the time for groundwork is over — the time for visible, measurable results is now.