President Ferdinand Bongbong Marcos Jr with Speaker Martin G. Romualdez talks with Vietnam Prime Minister Pham Minh Chinh during a bilateral meeting between Philippines and Vietnam at the Sokha Hotel Phnom Penh, Cambodia. Photo by VER NOVENO
Marcos efforts paying off
PBBM’s silent efforts to uplift economy beginning to pay off in big way — Speaker Romualdez
SPEAKER Martin G. Romualdez on Thursday said President Ferdinand “Bongbong” Marcos Jr.’s efforts to overturn the pandemic-stricken economy have begun to pay off, as evidenced by the Philippines’ 7.6 percent gross domestic product (GDP) growth for the third quarter, the first economic upswing in the current administration.
“President Marcos silent hard work on uplifting the economy is beginning to work. The economic expansion in the months of July to September 2022 is proof of that,” Romualdez said.
“I myself witnessed how the President engaged business stakeholders here and abroad with the purpose of moving forward from ravages caused by the COVID-19 pandemic,” the Leyte 1st District representative said.
“Truly our mindset is now in the endemic phase in terms of our economic strategy. The House of Representatives will follow through with this emerging policy so we may build on this economic growth. The Chief Executive has indeed shown us the right direction,” added the Lakas-Christian Muslim Democrats (Lakas-CMD) party president.
The Philippine Statistics Authority (PSA) reported on Thursday morning that the Philippine economy grew by 7.6 percent in the third quarter of 2022–the first full quarter of the Marcos administration. Marcos took over the seat in Malacañang last June 30.
Albay 2nd District Rep. Joey Sarte Salceda, chairman of the House Committee on Ways and Means, highlighted the signs of strong economic growth so far under the Marcos administration.
“OFW remittance figures also jumped in August, near the end of the quarter. Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances sent through banks stood at $2.72 billion in August, higher than the $2.60 billion a year earlier. The growth in remittances was the fastest since 4.4 percent in June,” Salceda said.
“There was also 24.79 percent year-on-year growth in tax collections in September, indicating that economic activity, the base of taxation, was getting stronger,” noted Salceda, who is a Lakas-CMD stalwart.
“The September jobs report also showed that the largest year-on-year jobs gainer was manufacturing, at 1.09 million more jobs. Manufacturing jobs growth tends to indicate positive macroeconomic fundamentals. In total, 4 million jobs were created year-on-year by September,” Salceda noted.
“Likewise, 1.5 million freelancers with foreign employers are not being accounted for in full in the national income accounts,” Salceda added.
