22/07/2024
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Speaker Romualdez: Strongest PH economy and Southeast Asia is PBBM’s gain in two years
SPEAKER Ferdinand Martin G. Romualdez on Monday declared that among the many accomplishments of President Ferdinand “Bongbong” Marcos Jr.’s administration, transforming the Philippine economy into the strongest in Southeast Asia would be the crowning glory of his second year as Chief Executive.
“Sa gitna ng napakaraming hamon sa loob at sa labas ng bansa, naibangon ng ating mahal na Pangulong Marcos ang ekonomiya ng Pilipinas, naiahon sa kahirapan ang maraming Pilipino at nagpalago sa komersyo na nagpayabong ng kabuhayan at naglikha ng trabaho para sa mga Pilipino,” Speaker Romualdez, leader of the 300-plus-strong House of Representatives, said.
“Our economic growth is nothing short of astounding, and the administration’s infrastructure development and social amelioration programs have ensured that ordinary Filipinos benefit from the nation’s progress. Ito ang benepisyo ng Bagong Pilipinas campaign, ang madama ng karaniwang tao ang kaunlarang naipundar natin nitong mga nakaraang taon,” he added.
He noted that the country has surpassed Vietnam as the fastest-growing economy in Southeast Asia, as recognized by international financial institutions such as the Asian Development Bank (ADB), the International Monetary Fund (IMF) and the World Bank. The ADB’s latest outlook, he further noted, projects the Philippines to remain a regional powerhouse through 2024, while the IMF sees the country to grow the second-fastest globally for this year and the 2025, next to India.
"The economic achievements of our country under the leadership of President Marcos are spectacular, and this is noted by many financial institutions worldwide. Our economic growth not only surpassed that of our regional peers, but also made the country a major player in the global economy,” Speaker Romualdez declared.
During the first quarter of 2024, the economy grew by 5.7%, the same with Vietnam and outpacing major economies such as China, Indonesia and Malaysia. Such a growth is attributed to the industry's expansion from 4.1% to 5.1% and the recovery in exports from 1.1% to 7.5%. Speaker Romualdez said that inflation has started to ease, the country’s fiscal management has shown significant improvement, and the decrease in the deficit-to-GDP ratio, as well as the increase in government collections, are proof of sound economic policies of the Marcos administration.
He also referred to Fitch Ratings, which has given the country a stable outlook, which he said reflects the country’s strong medium-term growth. The tourism sector, the Leyte lawmaker said, has significantly contributed to the economy with the Tourism Direct Gross Value Added (TDGVA) reaching P2.09 trillion or 8.6% of GDP in 2023, a 48% increase from 2022.
The House leader also praised the Marcos administration for prioritizing infrastructure development, with the public infrastructure budget exceeding 5% of GDP in recent years. He explained that the "Build Better More" (BBM) Program aims to usher in a "Golden Era" of infrastructure development, with notable projects such as the North-South Commuter Railway (NSCR) System and the Metro Manila Subway Project advancing rapidly and expected to significantly reduce travel times and improve connectivity.
"The BBM Program is a pillar of our strategy to drive economic growth and improve the quality of life for all Filipinos. The enactment of the Public-Private Partnership Code will further enhance our ability to deliver large-scale projects efficiently and effectively,” Speaker Romualdez stated.
He also highlighted the administration's efforts in attracting foreign investments in renewable energy (RE), saying that amendments to the Renewable Energy Act have allowed full foreign ownership of RE sources, resulting in notable investments such as Denmark’s Copenhagen Infrastructure Partners (CIP) committing USD$5 billion to develop offshore wind projects.
"Our renewable energy sector is a game-changer. These investments will not only boost our energy capacity but also promote sustainable development," Speaker Romualdez emphasized. "The Board of Investments' approval of nearly P1 trillion in RE projects underscores our commitment to a greener future." Along with this economic growth, Speaker Romualdez said, is also the rise of employment and livelihood opportunities for a population reeling from the effects of the pandemic. Speaker Romualdez noted that data from the Philippine Statistics Authority (PSA) showed remarkable improvements in terms of unemployment and underemployment rates as they both declined from 2022 to 2023, surpassing the highest rates recorded since 2005.
The unemployment rate went down from 5.4% in 2022 to 4.3% in 2023. In April 2024, it was recorded at 4.0% (equivalent to 1.8 million Filipinos), which was also lower than last year’s rate of 4.5% (2.3 million). According to Speaker Romualdez, the country’s economic gains have also enabled the government to implement social programs that ensure all Filipinos, including the most vulnerable, benefit from economic growth.
He cited the Pantawid Pamilyang Pilipino Program (4Ps), the government’s central poverty reduction program, with P106.3 billion allocated in 2024 to support health, nutrition and education for millions of Filipinos. The program has recently expanded to include additional support for pregnant women and young children.
"From the Pantawid Pamilyang Pilipino Program to the Kadiwa stores, these initiatives are making a real difference in the lives of ordinary Filipinos,” said Speaker Romualdez. He explained that the Department of Social Welfare and Development (DSWD) has effectively implemented various social protection programs that reduced poverty incidence from 23.7% in 2021 to 22.4% in 2023. Also, initiatives such as the Tara, Basa! Program and the Food Stamp Program (FSP) have further supported the most vulnerable sectors of the population.
“As President Marcos completes two years in office, his administration has laid a solid foundation for economic resilience and growth. The focus on infrastructure, renewable energy and social programs ensures that all Filipinos, especially the vulnerable, benefit from the country’s progress,” Speaker Romualdez pointed out. "President Marcos’ visionary leadership has set us on a path to sustained economic prosperity. And for this, the President deserves the support of all Filipinos," he added. (END)
