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IMF encouraged by Philippine policy and economic growth – Speaker

To ensure that no one is left behind in the nation’s post-pandemic economic recovery, House Speaker Ferdinand Martin G. Romualdez met with the International Monetary Fund (IMF) mission members on Friday to brief them on the pro-poor reforms being carried out by the administration of President Ferdinand R. Marcos Jr.

Romualdez claimed that IMF mission leader Jay Peiris informed the House team during their meeting at the Manila Golf and Country Club in Makati City that everything in the Philippine economy “is going in the right direction.”

Romualdez quoted the IMF official saying, “Philippine economy is solid, though the nation should be prepared to respond to any shock.”

“Based on our conversations, I am confident that the IMF mission members were impressed with the Philippines’ economic performance and the political will for economic reform. They expressed faith that the Philippines will continue to grow rapidly,” he continued.

The members of the IMF team also observed that government initiatives are designed to guarantee that steady economic growth will benefit common Filipinos.

Additionally present are Senior Economist Yinqiu Lu, Economist Tristan Hennig, and Resident Representative Ragnar Gudmundsson from the IMF mission.

On the other side, Representative Stella Quimbo and House Secretary General Reginald Velasco also attended the meeting with Romualdez.

The IMF and the governments of its member nations often discuss policy. It evaluates the state of the economy and makes policy suggestions that promote sustainable growth. The IMF also keeps track on regional and international financial and economic developments.

IMF mission members’ presence is appreciated, and Romualdez expressed his desire for future cooperation to be more analytical and fruitful.

The National Economic Development Authority (NEDA), which revealed a higher-than-expected increase of 6.4 percent in the first quarter of 2023, hardly had a day before the meeting.

Director General Arsenio Balisacan, head of the NEDA, claimed that the nation outperformed Vietnam (3.3%), China (4.5%), and Indonesia (5%).

Additionally, the Philippine growth rate exceeded the first-quarter growth projections for Malaysia (4.9%), India (4.6%), and Thailand (2.8%).

A healthy economy

Romualdez claimed that the “higher-than-expected” growth in the first quarter is evidence that Marcos is managing the economy well.

He gave the Filipinos his word that the economy will continue to rise rapidly.

He asserted that the economy grew by 7.6 percent in the third quarter of 2022 and by 7.2 percent in the fourth when it began to reopen and recover from the pandemic.

He emphasized that the first nine months of the Marcos administration are the high-growth quarters of 2022 and the first quarter of this year.

“The average economic expansion is the median of last year’s growth objective of 6.5 percent and 7.5 percent, or a solid growth rate of 7.07 percent. Therefore, he continued, “The economy is in good hands.

Romualdez pointed out that the first-quarter growth rate of 6.4 percent is almost exactly in the middle of this year’s expansion target range of 6 to 7 percent.

Therefore, he stated, “Our first-quarter growth rate is within target.” With China and India added, the ASEAN (Association of Southeast Asian Nations) members’ top economic performers in the first quarter were The Philippines and The Philippines.

Romualdez stated that increased spending by the federal government is anticipated, particularly in the areas of infrastructure and social services.

He asserted that “the government will be the main driver of economic activities and the generation of jobs and income.”

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