NextGen Day

After one year in office, a leader of the House of Representatives rated President Ferdinand R. Marcos Jr. an 8.41 out of 10.

According to Joey Salceda, chair of the House Ways and Means committee, Marcos generally had a “good start” to a presidency. He kept his political capital and credibility with most people.

Salceda claimed that the Philippine economy expanded rapidly under Marcos, with GDP growth rates of 7.6% in the third quarter of 2022, 7.1% in the fourth quarter of the same year, and 6.4% in the first quarter of 2023.

He said that the quarterly GDP continuously exceeded the historical average of 5.9 percent under Marcos.

The fundamentals of the Philippine economy are solid because of conventional macroeconomic policies and a conservative approach, he claimed.

He added that a “steady decline” in unemployment had been observed since Marcos took office in June of last year.

According to the most recent jobs data, there are 290,000 more jobs than when President Marcos took office in June 2022. More crucially, the economist added that new and existing positions pay better since the underemployment rate in March, at 11.2%, was the lowest since April 2005.

As the May inflation rate of 6.1 percent represents the fourth straight month of declining inflation since January 2023, he claimed that inflation is also “on a downward momentum.”

He emphasized that a 10.6% increase in farmgate prices for palay per kilogram (kg), from PHP17.24 per kg in May 2022 to PHP19.06 per kg in May 2023, shows that rice farmers receive higher wages.

This suggests that farmers are receiving greater prices for their goods. Additionally, this is the opposite of what was seen in the early months of rice tariffication, when farmgate prices fell more quickly than retail prices, the expert noted.

Salceda cited the Maharlika Investment Fund Act and the Department of Health Specialty Centers Act as two significant pieces of legislation waiting for the president’s signature.

According to Speaker Martin Romualdez, the House has passed 577 bills on final reading, including the PHP5.268 trillion national budget for 2023 and 33 of the 42 bills listed as priority measures by Marcos and the Legislative-Executive Development Advisory Council (LEDAC).

Systems and procedures can constantly be enhanced. I think there are still more effective ways for us to carry out our legislative mission without compromising the caliber of our job,” he said.

He asserted that if the House of Representatives performance throughout the first year of the 19th Congress is any guide, the chamber can achieve its objectives for the remainder of 2023.

He continued, “I have no doubt that we can do better this time if House of Representatives members work with the same zeal and vigor they displayed during the First Regular Session.

The chamber has handled 9,600 measures in the first 10 months of the 19th Congress, including 8,490 bills, 1,109 resolutions, and one petition. Each session day has an average of 30 measures.

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