NextGen Day

With the continuous implementation of the Marcos administration’s prosperity blueprint, Speaker Martin Romualdez stated on Thursday that the Philippines may maintain its economic growth rate and perhaps beat its 7.6-percent full-year expansion from the previous year.

In response to the Philippine Statistics Authority’s (PSA) report on the nation’s high-growth performance in 2022, Romualdez said, “With the right policies that will continue to implement President Marcos’ Agenda for Prosperity roadmap, and with the existing close cooperation between the executive and legislative branches, we can build on our stellar economic performance.”

The country’s economic performance, according to Romualdez, demonstrates that the Marcos administration’s blueprint for prosperity is “on the right track.”

“Under the President’s capable leadership, the GDP (growth domestic product) of the country has been above 7 percent throughout the first half of his administration. Growth was aided by his determination to reopen the economy despite the pandemic, he claimed.

In order to support the Agenda for Prosperity, he fought for the enactment of crucial laws, such as the Maharlika Investment Fund bill and policies to quicken the nation’s digital transformation.

The passage of these proposed laws, he claimed, “would further improve our economic performance.”

The best is still to come

Despite worries of a worldwide economic slowdown, Chair of the House Ways and Means Committee Joey Salceda said he is “bullish” about the Philippines’ chances for 2023, claiming that the “best is yet to come.”

“The rise in gross capital creation is what excites me for 2023 and the medium term. In other words, businesses are investing, and the costs associated with those investments are well represented in the data “added he. “This indicates that the corporate community is upbeat about the need for increased production in the ensuing years. In 2023, don’t wager against the Philippines.

He claimed that the country’s 7.6 percent GDP growth rate for the entire year of 2022—which is higher than the 6.5 to 7.5 percent GDP growth range for the entire year set by economic managers—is a “triumph” for the administration’s strategy of allowing the recovery momentum to continue in full swing.

“I give affirmative policies to scale back Covid-19 restrictions in response to a drop in risk, a rebounding tourism industry, as well as major leaders like the BPO, electronics, and mining sectors, credit for this accomplishment, as well as the continuation of a policy of opening up the country to investments and reaffirming our long-standing economic alliances with the rest of the world, according to Salceda.

Salceda predicted that inflation “drop off” to more “normal” levels in 2023 “levels, urging the government to implement measures that compete with cartels in the main food sectors of sugar, onions, frozen meats, and others.

“I am certain that we will expand in 2023. Probability again in quantities that are unexpected. However, lowering food prices is the best way to feel that increase in the most fundamental areas “added he.

“Our economy is now centered on services. That means that our most valuable economic resource is our people. Cheap food, affordable housing, dependable internet, and public transit are the sources of long-term economic growth in such a society. For our people to continue working hard, “Added he.

The Philippines’ 7.6 percent full-year growth was also praised by the Trade Union Congress of the Philippines (TUCP), making it the fastest-growing economy in Asia according to the most recent GDP estimates. China’s growth rate of 2.9 percent and Vietnam’s growth rate of 5.9 percent come after this.

However, TUCP emphasized the need for solutions to the issues of rising prices and poor employment quality so that the Filipino people may benefit more from the 7.2% fourth-quarter GDP growth in 2022.

“Growth must be inclusive in order to be truly meaningful. In order for growth to truly benefit everyone, it must also spread out more swiftly. As things stand, the rise in the cost of necessities is still being felt by the poor “TUCP said.

The TUCP asked the government to pursue dishonest cartels and smugglers who are “gaming” the market to take quick profits at the expense of everyday Filipino consumers and farmers in order to mitigate the effects of inflation.

The TUCP also demanded the expansion of “Diskwento Caravans” and “Kadiwa Stores” in order to transport low-cost goods to the most underdeveloped and heavily inhabited areas, where the majority of workers and their families reside.

The TUCP reiterated its proposed jobs agenda through the formulation of an industry promotion strategy, the provision of financial and technical assistance to micro, small and medium enterprises (MSMEs), and the establishment of regional and provincial agro-industrial hubs interconnected by a national railway system that will generate jobs, ensure food security, and democratize wealth creation in order to mobilize high growth to create new decent jobs.

The PSA said on Thursday that the GDP increased by 7.2 percent in the fourth quarter of 2022, translating into a 7.6 percent gain for the entire year.

According to the report, manufacturing accounted for 4.2 percent of the growth in the fourth quarter of 2022, followed by automotive and motorcycle repair (8.7%), banking and insurance activities (9.8%), and wholesale and retail trade (4.2%).

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