Speaker Ferdinand Martin Romualdez on Friday expressed confidence that the country, under the leadership of President Ferdinand “Bongbong” Marcos Jr., can sustain its high economic growth trajectory, a press release from the House of Representatives said.
The leader of the 300-plus-strong House of Representatives made the statement in reaction to the decision of the Development and Budget Coordination Committee and the National Economic and Development Authority to revise the growth targets for this year from 6.5 to 7.5 percent to 6 to 7 percent.
“I am confident that we can hit at least the lowest end of the target range because the economic policies and measures the President and Congress have taken and pursued are keeping us on the right track,” Romualdez said.
“We can even leapfrog if the proposed economic Charter reforms are already in place,” he said.
He said if the nation could grow by six percent this year, it would still be one of the fastest growing economies in the Asia-Pacific region.
The Speaker pointed out that the Philippines had the distinction of being the fastest growing economy in ASEAN in 2023, expanding at the rate of 5.6 percent.
The country was followed by Vietnam, which grew by 5.1 percent; Indonesia, 5 percent; Malaysia, 4 percent; Thailand, 2.5 percent; and Singapore, 1.2 percent.
“Coming from 5.6 percent, it should not be difficult for us to hit at least 6 percent this year. Our economy has been steadily expanding since President Marcos assumed office,” he said.
He said what could temper growth this year is the extended dry season phenomenon, which he added would certainly affect agriculture and food production.
He called on the concerned agencies, principally the Department of Agriculture, Department of Agrarian Reform, and National Irrigation Administration, and local government units (LGUs) to extend timely help to the farming sector.
“We should have all hands on deck. Irrigation and farm inputs are critical requirements our farmers, especially those producing our staple rice, have to be supported with,” he said.
The House leader also shared President Marcos’ concern on the traffic situation in Metro Manila and other urban areas.
“Traffic is a big challenge to our economic growth. It is eating up a lot of precious man-hours, fuel and money, which could be put to productive use. We have to expand our infrastructure. Maybe, we should build skyways along Edsa and other major roads with private financial support and participation,” he said.
“As to the number of vehicles using our roads, the government can do little. It is a sign of economic progress, which our people should enjoy,” he said.*
