NextGen Day

As part of a multi-year economic stimulus package from 2024 to 2028, a party-list lawmaker on Monday asked for considerable increases in direct cash and in-kind subsidies to farmers, fishermen, and cattle raisers.

Rep. Bernadette Herrera, a member of the Bagong Henerasyon Party list, took the decision after observing the “flat increase” in the agricultural sector’s output, which was 0.5 percent for the entire year and minus 0.3 percent in the final three months.

“The existing amounts of agriculture subsidies are obviously insufficient. We must protect our farmers and fishermen from unemployment and poverty “Hernández remarked. These subsidies are obviously necessary for the farm sector to increase its economic output and lower unemployment and underemployment.

She also emphasized the necessity of heavily utilizing agri-tech inputs to improve the agricultural industry.

“More fish farms, fish and seafood hatcheries, indoor farms, vertical farms, and organic farming are all urgently needed. We need to be able to direct runoff and floodwaters into aqueducts and irrigation systems “She spoke.

She was, however, thrilled to learn that the nation’s gross domestic product increased by 7.6 percent overall and 7.2 percent in the fourth quarter of last year, above the anticipated yearly growth range of 7.0 percent to 9.0 percent.

“This growth could have been even larger, but some industries are still struggling to fully resume their in-person activities, and some businesses are still in the process of recuperating. If it weren’t for the tremendous inflation we’ve had, especially in 2022, this growth may have been higher “She spoke.

She emphasized that the GDP’s government expenditure component rose by 5% and that the 8.3% growth in household final consumption expenditures demonstrated a spike in consumer confidence in the Philippine economy.

According to her, the overall local economy produced PHP19.9 trillion in 2022, up from PHP17.5 trillion in 2020 and PHP18.5 trillion in 2021, which she referred to as the “worst years of the pandemic.”

“Our GDP could have been more than PHP21 trillion last year, in my opinion, if there had been no epidemic and if inflation had not been high. In order to effectively combat inflation, we, therefore, need to reduce supply, manufacturing, distribution, and public spending issues “She spoke.

President Ferdinand R. Marcos Jr. stated on Friday that his administration plans to increase investment in order to keep the Philippine economy growing.

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