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Growth prediction shows PH is on the right track: Romualdez

Friday’s growth estimate for the Philippines from a reputable international credit rating and financial research institution, according to Speaker Martin Romualdez, is just another piece of evidence that the Marcos government is following the proper economic policies.

The Speaker of the House stated in a press release that “Moody’s Investors Service’s bullish forecast for the Philippines in 2023 simply verified that the Philippines is on the right road and gaining more momentum and that our economy is in full swing toward recovery.”

The Philippines are expected to experience the fastest GDP (gross domestic product) growth in the Asia-Pacific region next year, according to Moody’s. The validity of President Ferdinand R. Marcos, Jr.’s decision to ease pandemic-related restrictions, the soundness of his administration’s economic policies, and the expertise of his selected economic managers are all confirmed by Moody’s projection and Finance Secretary Benjamin Diokno’s own claim that our GDP growth will likely reach 7 percent or at least 6.5 percent for this year, according to Romualdez.

Moody’s predicts that the Philippines will have the fastest GDP growth in the Asia-Pacific region next year, with a rate of 6.4 percent, followed by Vietnam (6.1 percent), China (5.1 percent), India (5%), Indonesia (4.7 percent), Thailand (3.9 percent), and Malaysia (3.8 percent).

The government’s budgetary policy supporting infrastructure development, public health, and education, as well as pent-up demand for products and services by businesses and families, would all contribute to this increase, according to the credit rating agency.

Romualdez cautioned that “black clouds remain on the horizon that may limit our growing momentum, such as the Russia-Ukraine crisis and the persistent specter of the Covid-19 virus,” despite the optimistic expectations.

In order to solve these issues and guarantee sustainable, resilient, innovative, and inclusive economic growth, he added, “The House of Representatives remains dedicated to passing the priority legislation of the Marcos administration.”

“We have excellent cause to look forward to a better life for our people in the coming year,” Romualdez continued. “The sensible fiscal and economic policies of the Marcos administration, a strong relationship between the government and the business sector, and the cooperation of our people.

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