This assessment of the macroeconomic and fiscal assumptions underlying the proposed 2027 National Government Budget finds that these assumptions are generally plausible but highly dependent on a strong economic recovery. The budget was prepared against the backdrop of weak first-half economic growth in 2026, elevated inflation, and rising public debt, which have tightened the fiscal environment. Key risks include the declining revenue effort, limited public information on the basis for the ₱101.5-billion privatization target, and rising debt amortizations that could reduce the fiscal space for essential social services. Meeting the government’s development objectives while maintaining fiscal sustainability will therefore require stronger revenue mobilization, efficient budget execution, and prudent debt management.