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House leader confident that upon full reopening, PH would achieve 8% growth

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The full reopening of the education sector, a gradual uptick in tourism, and the deployment of more Filipino workers abroad, according to Zaldy Co, chair of the House Appropriations Committee, could push the nation’s economic growth to 8% or higher.

“The reopening of our economy will result in jobs and revenue for businesses and individuals all throughout the Philippines. GDP (gross domestic product) rise in the most recent quarter provides convincing evidence “In a statement, Co said.

He cited the reopening of school campuses for in-person instruction, as well as the more lenient travel regulations and border controls, for the third quarter’s 7.6 percent growth of the Philippine economy.

In addition to the approximately 7 million people working in the higher education and technical education sectors, he pointed out that there are over 25 million pupils in grades kindergarten through twelve and 900,000 employees employed by the Department of Education (DepEd).

“That would be over 26 million people, even if only about 80% of them returned to traditional schools. The population of the nation as a whole is quite large. The everyday economic activity of those 26 million people multiplied by that number gives us a solid GDP increase “added he.

Co also emphasized the necessity of increasing the number of cooperatives because they are “effective job generators” and may help to further enhance employment statistics.

Meanwhile, Speaker Martin Romualdez claimed that the 7.6 percent GDP demonstrated that Marcos’ attempts to revive the nation’s pandemic-ravaged economy have begun to bear fruit.

“President Marcos’ quiet but persistent efforts to improve the economy are starting to bear fruit. The economic growth from July to September 2022 is evidence of that “said Romualdez.

He claimed to have seen firsthand how the President worked with local and international business stakeholders to recover from the pandemic’s devastation.

“In terms of our economic strategy, our attitude has truly entered the endemic phase. This new policy will be implemented by the House of Representatives so that we may build on this economic expansion. In fact, the CEO has pointed us in the proper way “said he.

The public has been informed by President Ferdinand R. Marcos Jr. that the administration has implemented a number of policy measures to maintain the economic momentum of the Philippine economy.

In a recorded video provided to Palace reporters on Friday, Marcos, who is now in Phnom Penh, Cambodia for the four-day Association of Southeast Asian Nations (ASEAN) Summit and Related Summits, said, “What we have to deal with again (are) the shocks that are coming from abroad.”

However, he continued, “within the Philippines, within our economy, I think we have made the right policy decisions, we have begun to take the right initiatives, and in some cases, we have had to intervene. However, we have a mix of interventions and non-intervention actions to alleviate the problems that we feel in the economy.

Marcos and his economic team had great hopes following the most recent growth rate that their administration would be able to meet its growth goal of 6.5 percent to 7.5 percent for 2022.

Given the economic data, Marcos reaffirmed that his administration is moving in the “correct route.”

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