Three years into his presidency, Ferdinand Romualdez Marcos Jr. has delivered on roughly one in four promises made during his State of the Nation Addresses—a 25.45% fulfillment rate that reflects both the ambitious scope of his commitments and the complex realities of governance.
As the President prepares to deliver his fourth SONA on today, July 28, a comprehensive tracking of his previous addresses reveals a mixed scorecard: 42 promises fulfilled, with 55.15% of commitments still in progress or stalled entirely. The remaining promises fall into categories of partial fulfillment or complete abandonment.
What we see is an administration making steady but uneven progress across sectors, with economic promises showing the strongest delivery rate while energy and environmental commitments lag significantly behind—a disparity that has real consequences for businesses grappling with high electricity costs and supply chain challenges.
Economics: 35% Fulfillment
The economic sector leads with the highest success rate—11 of 31 promises delivered, representing a 35% fulfillment rate that significantly outpaces other areas. This performance translates into tangible business outcomes that investors can measure.
The Maharlika Investment Fund, despite initial skepticism, has moved from concept to operation, with the government targeting strategic investments to reduce national debt while generating returns. Early portfolio allocations focus on infrastructure and green energy projects, though detailed performance metrics remain limited.
Infrastructure delivery shows mixed but measurable progress. The administration has completed 8 of its 207 Infrastructure Flagship Projects valued at approximately ₱178 billion. Beyond the headline completions—including the Panguil Bay Bridge connecting Mindanao provinces and the LRT-1 Cavite Extension serving Metro Manila’s southern corridor—70 projects remain actively under construction while 23 have secured approval for implementation.
The government spending efficiency improvement represents a less visible but crucial achievement. The 99% utilization rate of the 2024 cash allocation across agencies marks a significant improvement from previous administrations, signaling enhanced fiscal discipline that rating agencies monitor closely.
However, electricity cost reduction promises remain unfulfilled, continuing to impact industrial competitiveness. Manufacturing associations have repeatedly cited high power costs as impediments to export growth, making this one of the administration’s most economically consequential incomplete commitments.
Social Services: 24% Fulfillment
With 7 of 29 promises fulfilled, social services demonstrate consistent but measured progress that affects millions of Filipinos while carrying significant budget implications.
The 4Ps expansion stands as the sector’s flagship achievement. The program now provides additional cash aid to beneficiaries, with the administration highlighting that over 4,000 former 4Ps recipients have become licensed teachers—demonstrating the program’s long-term human capital development impact.
Healthcare infrastructure has seen concrete additions with 84 Super Health Centers and 23 mobile clinics established nationwide. These facilities serve underserved communities while creating local employment and supporting medical supply chains.
The agrarian reform acceleration continues with the New Agrarian Emancipation Act writing off substantial agrarian reform beneficiary debts. While the exact amount varies by reporting source, this directly impacts rural purchasing power and agricultural productivity, with potential multiplier effects on rural economies.
Yet healthcare worker benefits promised during the pandemic remain unfulfilled, creating ongoing morale issues in a sector already facing staffing shortages. The delay affects healthcare quality and retention rates, with private hospitals competing for talent against incomplete government commitments.
Agriculture: 17% fulfillment
Five key agricultural promises have been delivered, though the sector faces ongoing challenges that affect food security and rural livelihoods.
Land distribution has accelerated under the continued agrarian reform program, with thousands of hectares awarded to beneficiaries. The debt forgiveness component removes financial barriers that previously prevented farmers from maximizing their productivity.
Anti-smuggling efforts have intensified, with the administration claiming success in reducing rice and agricultural product smuggling that undermines local farmers. However, measuring this success remains challenging given the underground nature of such activities.
The fight against hoarding has seen periodic enforcement drives, though critics argue these are more reactive than systematically preventive. Market prices for basic commodities continue to experience volatility that suggests incomplete control over supply chain manipulation.
Energy and environment: 11% Fulfillment
With only 2 of 18 promises fulfilled, the energy and environment sector presents the administration’s starkest challenge and represents a critical concern for business competitiveness.
The Loss and Damage Fund Board Act and the Philippine Downstream Natural Gas Industry establishment represent the sector’s limited legislative achievements. While important for long-term energy security, these measures have yet to translate into immediate relief for businesses facing high energy costs.
The total electrification” pledge remains largely aspirational, with rural areas still experiencing unreliable power supply that limits economic development opportunities. For businesses considering provincial expansion, power reliability remains a primary concern affecting location decisions.
Renewable energy targets show incremental progress but fall short of the ambitious timelines initially promised. The transition requires massive infrastructure investment and regulatory frameworks that prove more complex than initial projections suggested.
Most significantly for businesses, electricity price reduction promises remain unfulfilled. Industrial users continue paying among the highest electricity rates in Southeast Asia, affecting manufacturing competitiveness and foreign investment decisions.
Impact on the business community Winners and Concerns
The promise fulfillment pattern creates distinct winners and ongoing concerns within the business community.
Infrastructure beneficiaries—construction companies, logistics providers, and regional developers—have seen measurable opportunities from completed and ongoing projects. The pipeline of approved projects provides visibility for planning and investment decisions.
Financial services benefit from improved government fiscal discipline and the Maharlika Fund’s capital deployment, creating opportunities for fund management and advisory services.
POGO-related businesses faced complete disruption following the total ban announced in the 2024 SONA and implemented by year-end. While eliminating social concerns, the ban removed a significant revenue stream and displaced thousands of jobs, with mixed economic consequences for office leasing, hospitality, and financial services in key areas like Pasay and Makati.
Manufacturing and export businesses continue facing headwinds from high electricity costs, with promises of relief remaining unfulfilled. This affects global competitiveness and investment attraction in energy-intensive industries.
Investment climate implications
The 25.45% fulfillment rate creates a complex investment environment. Investors can point to concrete achievements in infrastructure and fiscal management while recognizing significant delays in energy sector reforms that affect operational costs.
Credit rating agencies have noted the improved government spending efficiency positively, though they continue monitoring implementation capacity for larger commitments. The infrastructure pipeline provides visible progress indicators that appear to support continued investment grade stability.
Foreign investors in manufacturing continue citing energy costs as primary concerns, with unfulfilled promises creating uncertainty about operational cost trajectories. Industry associations have indicated this particularly affects energy-intensive industries considering Philippine expansion.
The 2025 SONA: what we expect Continuity Over Innovation
Palace sources indicate the fourth SONA will emphasize “continuity and improvement” rather than major new initiatives, suggesting an administration focused on delivery over announcement.
The speech, reportedly “about 80% complete,” will likely provide updated timelines for stalled commitments while avoiding overly ambitious new promises that could further dilute the fulfillment rate.
Key Themes Anticipated
Philippine-US relations updates following the President’s recent Washington visit may include economic cooperation announcements affecting trade and investment flows.
POGO ban reaffirmation will likely address the policy’s economic consequences while defending its social benefits, potentially announcing alternative revenue generation measures.
Infrastructure progress reports will showcase completed projects while providing realistic timelines for ongoing commitments, aimed at maintaining business community confidence in the pipeline.
Price stabilization measures may feature prominently given ongoing inflation concerns and their political sensitivity ahead of the 2025 midterm elections.
Regional tensions in the West Philippine Sea may warrant renewed sovereignty assertions, with potential implications for trade relationships and foreign investment climate.
The delivery challenge
With 55% of promises still in progress and limited time remaining in the six-year term, the administration faces an acceleration challenge. Completing the majority of pending commitments would require significant improvement in implementation velocity.
Realistic completion scenarios based on current implementation patterns suggest the administration may achieve 40-45% overall fulfillment by term end, assuming pace maintenance and no major external disruptions—though this projection depends on the administration’s ability to accelerate delivery on complex commitments.
Infrastructure investors can rely on visible project pipelines and improved government spending patterns for medium-term planning, despite some timeline uncertainties.
Energy-intensive businesses should plan for continued high electricity costs, given the sector’s poor fulfillment record and the complexity of power market reforms.
Regional developers can leverage completed and ongoing infrastructure projects for location decisions, while remaining aware of varying implementation speeds across different regions.
The pragmatic presidency
The 25.45% promise fulfillment rate, while seemingly modest, reflects an administration grappling with the inherent tension between political ambition and governance reality. For the business community, the pattern suggests predictable progress rather than revolutionary change.
The concentration of success in economic and infrastructure sectors aligns with business priorities, even as energy sector delays create ongoing operational challenges. The administration’s strength in fiscal discipline and project execution provides a foundation for continued investor confidence, despite unfulfilled commitments in other areas.
As Marcos Jr. enters the second half of his presidency, the promise tracker suggests an administration that has learned to balance ambition with achievability—a lesson that may serve both political sustainability and business planning requirements in the years ahead.
The upcoming SONA will test whether this pragmatic approach continues or whether political pressures push toward more aggressive commitments that could further dilute the administration’s delivery record.
This analysis is based on promise tracking data from VERA Files and other monitoring organizations, covering commitments made during President Marcos Jr.’s State of the Nation Addresses from 2022 to 2024. Business impact assessments and forward-looking projections represent analysis of available data and industry reporting, though specific outcomes may vary. Readers should consult original government sources and current financial reports for the most up-to-date information.
