President Ferdinand Marcos Jr.'s 2022 State of the Nation Address outlined ambitious economic targets, including real GDP growth of 6.5-8% annually, single-digit poverty by 2028, upper middle-income status by 2024, a deficit of 3% of GDP by 2028, and debt below 60% of GDP by 2025. Four years later, these commitments have largely failed. Growth in 2025 was just 4.4%, the weakest outside the pandemic, hampered by a domestic flood control corruption scandal that froze infrastructure spending and the US-Iran war that raised oil prices. Foreign direct investment slumped to $7.79 billion in 2025, the lowest in a decade excluding the pandemic, as many early investment pledges never materialized. Inflation spiked twice, peaking near 8.7% in early 2023 and again in 2025, leaving household costs elevated despite headline cooling. The poverty target is now impossible, with the World Bank projecting 12.3% poverty by 2028, meaning roughly one in eight Filipinos will remain poor. The income upgrade to upper middle-income status was missed in 2024, with gross national income per capita at $4,470, just $26 short of the threshold. Debt closed 2025 at 63.2% of GDP, a 21-year high, and the deficit remained above 5.6%, breaching its ceiling. While external factors like war and oil prices are beyond Manila's control, the 2022 SONA presented these as commitments, not aspirations, and most remain unchecked.