THE Asian Development Bank’s projection of sustained robust growth of the Philippine economy this year and in 2024 affirms that the national government is on the proper course to attain middle-income status by 2025.
This is according to Speaker Ferdinand Martin Romualdez citing ADB Outlook July Update which said the country’s gross domestic product (GDP) will likely grow by 6.0 percent this year, the highest among major Southeast Asian countries. For 2024, the ADB sees the Philippine economy growing by 6.2 percent.
The ADB expects Indonesia to grow by 4.8 percent this year, Malaysia by 4.7 percent, Singapore by 1.5 percent, Thailand by 3.5 percent, and Vietnam by 5.8 percent.
“This steadfast pace of recovery from the effects of the COVID-19 crisis across the region is a clear indicator that the administration of President Ferdinand R. Marcos, Jr. has charted the right course and we are steadily sailing towards a brighter future for all Filipinos,” Romualdez said.
He noted that the ADB projection is well within the range of our economic managers’ 6 0 to 7.0 percent growth assumptions for 2023 and 6.5 to 8.0 percent for 2024 to 2028, taking into account both domestic and external risks.
The Speaker also cited the International Monetary Fund’s (IMF) economic growth forecast for the Philippines this year at 6 percent, with this year’s gross domestic product expansion projected to come in between 5.5 percent and 6 percent.
“With President Marcos’ steady hand at the helm and everyone pulling together, I am confident that we can reach our goal and overcome any rough waters that we may encounter on our journey,” Romualdez said.
The country’s sustained economic growth can also be attributed to President Marcos’ clarion call for unity as it harnesses our nation’s collective strength and effort to rebuild our economy, according to Romualdez.
“It is a testament to the resilience of our people, the ingenuity of our businesses, and the strong partnerships forged between the government and private sector,” he pointed out.
Romualdez said the House of Representatives remains committed to the task of enacting laws to sustain our economic momentum, foster an enabling business environment, and ensure that all the benefits of growth reach all segments of society.
“Likewise, in the exercise of our power of the purse, we will prioritize allocations to strengthen social safety nets and invest in crucial sectors that will fuel inclusive growth and development,” Romualdez said.
Among others, Romualdez said the House will also ensure adequate funding for programs to tame rising prices of food and basic commodities, pursue critical infrastructure projects, ensure energy security, enhance the ease of doing business in the country, improve the delivery of health services, and create more jobs.
“We will await the President’s plans for the country’s direction next year in his State of the Nation Address (SONA) and we will waste no time in working with the
Executive to put in place the necessary reforms to uplift the lives of our people,” he said.
Romualdez earlier vowed swift action from the House of Representatives by the start of the 2nd Regular Session of the 19th Congress, to pass the new set of priority bills agreed upon by the Legislative Executive Development Advisory Council (LEDAC) before the year ends.
The House had approved 33 out of the 42 priority measures of the Marcos administration by the end of the 1st Regular Session of the 19th Congress.
“Let us redouble our efforts to build back better and to create a brighter future for every Filipino. Together, we can overcome challenges, seize opportunities, and emerge even stronger from the ravages of the pandemic,” Romualdez added.