NextGen Day

MANILA – Speaker Ferdinand Martin G. Romualdez asserted on Friday that the House of Representatives is poised to concentrate on addressing key concerns that demand urgent attention to rejuvenate the country’s economic growth.

Romualdez’s commitment comes in the wake of a deceleration in the Philippine economic growth, dropping to 4.3 percent in the second quarter from the robust 6.4 percent expansion witnessed in the first quarter of the current year.

The economic experts attributed this slowdown to various factors, including elevated commodity prices, the lingering effects of interest rate hikes, a contraction in government expenditure, and a gradual global economic downturn.

In a press statement, Romualdez recognized that a prevailing and evident concern is the escalation of food inflation, which has significantly contributed to the economic deceleration. He emphasized that tackling this challenge is imperative to ensure affordable and nourishing sustenance for every Filipino while simultaneously bolstering diverse agricultural sectors.

“We will channel resources towards bolstering our agricultural industry, encouraging the adoption of modern farming techniques, and enhancing storage and distribution infrastructure. This multifaceted approach aims to enhance yield and curtail post-harvest losses,” he stated.

Furthermore, Romualdez highlighted the House’s resolve to streamline supply chains and mitigate logistical hindrances, facilitating a smoother and more efficient journey for food from producers to consumers. This will simultaneously reduce expenses and prevent wastage.

“The House lends its full support to initiatives that monitor and regulate the prices of essential commodities, shielding the Filipino population from exploitative practices,” Romualdez affirmed.

He also endorsed the notion that a review of import policies and potentially their adjustments could aid in stabilizing food prices.

“In scenarios where local supply is insufficient, strategic imports can preempt unwarranted price spikes,” Romualdez pointed out.

Romualdez outlined the House’s comprehensive strategy to counteract the contraction in government spending. This involves expediting budget approvals to facilitate swift program implementation by government agencies; prioritizing infrastructure ventures; empowering local government units (LGUs) to initiate local programs; enhancing Public-Private Partnerships to expedite critical projects and alleviate fiscal pressures; and concentrating on sectors such as tourism and micro, small, and medium enterprises (MSMEs) to ensure that strategic spending yields widespread economic benefits.

In concurrence with the economic experts, Romualdez acknowledged the instrumental role that the expedited release and effective utilization of the Quick Response Fund could play in supporting communities impacted by recent typhoons.

“We, at the House of Representatives, commend the unrelenting dedication of our economic experts in steering our nation towards recovery amidst challenging circumstances. The House remains proactive in its legislative endeavors, from fortifying employment opportunities and bolstering the tourism sector to cultivating an investment-conducive environment and safeguarding uninterrupted education for our youth,” Romualdez affirmed.

“In alignment with the strategies of our Economic Team, we stand ready to confront challenges and sustain our upward growth trajectory. With a shared vision and unwavering dedication, we are resolutely charting a course that propels the Philippines towards a future marked by prosperity, inclusivity, and resilience, with a strong foundation in food security and economic stability,” he concluded.

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