EVEN though President Ferdinand “BongBong” Marcos Jr. has a superb economic team, the executive branch could not grow the country’s economy alone.

It will need the help of the other branches of government including the House of Representatives to get the job done.

Davao City District Rep. Isidro Ungab is pretty much aware of this and called on his colleagues in the lower chamber to support the economic agenda of Malacanang.

Ungab said Congress should pass laws essential to rebuilding the economy. He was referring to laws that would spur the creation of jobs and support medium, small, and micro enterprises.

The lawmaker’s call came after the commendable review and evaluation done by Marcos Jr.’s economic team of the government’s medium-term macroeconomic assumptions and fiscal program, and growth targets for FY 2022 to 2028.

The move is seen as a sensible approach to address the economic challenges the country and the whole world are currently facing.

Ungab said the pronouncements made by the economic team as regards the newly updated medium-term macroeconomic assumptions, fiscal program, and growth targets for 2022 to 2028, while underscoring the administration’s priorities and fiscal strategy, including the domestic developments and external pressures, will serve as a guide not only to the government but to economists, businesses, and stakeholders in accelerating economic growth.

The Department of Finance’s recently unveiled Medium-Term Fiscal Framework (MTFF) is also very promising, according to Ungab who urged his fellow lawmakers to support the President’s economic and fiscal agenda.

“I believe this will be our country’s pivotal point towards the trajectory of resilient economic recovery. This Medium-Term Fiscal Framework and the government’s updated medium-term macroeconomic assumptions and fiscal program are what we need to guide us during these difficult times,” he said.

“I fully agree with the PBBM administration that this is a good game plan in facing the challenges wrought by the pandemic, the ongoing geopolitical conflicts, and the high inflation rate, among others,” he added.

He also noted the significance of having a well-crafted economic framework and fiscal program geared towards “achieving inclusive and sustainable development, responsive to the aspirations of the Filipino people”.

The MTFF’s goals are –reducing the deficit, promoting fiscal sustainability, and enabling robust economic growth, which all coincide with the objectives of the updated medium-term macroeconomic assumptions and fiscal program, i.e. the creation of more quality jobs, reducing poverty incidence, and achieving inclusive and resilient growth within the term of the President until 2028.

Ungab anticipates that the first expenditure plan or the 2023 expenditure program of the national government will already be aligned with the updated MTFF.

Earlier, the lawmaker suggested the updating of the country’s Medium-Term Philippine Development Plan (MTPDP) for 2023-2028, which becomes one of the bases for budgeting the expenditures in the coming months and years of PBBM administration.

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