Speaker Martin G. Romualdez on Friday said the growth forecast for the Philippines next year by a respected international credit rating and financial research agency proves that the Marcos administration is pursuing the right economic policies.
“Moody’s Investors Service’s positive forecast for the Philippines in 2023 confirms we are on the right track, and that our economy is in full swing toward recovery, gaining more momentum,” he said.
Romualdez was reacting to Moody’s forecast that the Philippines would post the fastest gross domestic product (GDP) growth in the Asia-Pacific region next year with 6.4 percent.
In the past, China posted the largest economic expansion in the region.
Moody’s said Vietnam would attain the second fastest growth next year with 6.1 percent, followed by China’s 5.1 percent, India’s 5 percent, Indonesia’s 4.7 percent, Thailand’s 3.9 percent, and Malaysia with 3.8 percent.
According to Moody’s, the Philippines’ growth would be spurred by pent-up demand for goods and services, as well as the government’s fiscal policy that promotes education, public health, and infrastructure development.
Romualdez said Moody’s projection on the country’s economic performance in 2023 is supported by Finance Secretary Benjamin Diokno’s own statement that GDP growth would likely reach 7 percent or at least 6.5 percent this year.
“Taken together, they validate the rationality of President Ferdinand Marcos Jr.’s decision to relax pandemic-related restrictions, the soundness of his administration’s economic policies and the competence of his chosen economic managers,” he said.
The Speaker said lamented that some concerns “may impede our growth momentum, such as the Russia-Ukraine conflict and the continuing specter of the COVID-19 virus.”
“The House of Representatives remains committed to passing the priority legislation of the Marcos administration to address these concerns and ensure sustainable, resilient, innovative, and inclusive economic growth,” Romualdez said.
“With the prudent fiscal and economic policies of the Marcos administration, a strong partnership between the government and the private sector, and the cooperation of our people, we have a good reason to look forward to a better life for our people in the coming year,” he said.
Last week, the House leader told an economic forum that the nation is set to attain its economic growth target this year during the first six months of the Marcos administration and is on the road to full recovery.
“We are on the first stage to full economic recovery, and we are marching in the right direction. Judging from interests shown by global businessmen in our international roadshow with the President, the Philippines may soon become the favorite investment destination in Asia. We, in Congress, are committed to bring this goal to reality,” Romualdez said.
The Speaker said the economy improved by an average of 7.7 percent for the first three quarters of 2022 and it only needs to expand by 3.3 percent to 6.9 percent this fourth quarter to meet the growth target of 6.5 percent to 7.5 percent this year.
“Without a doubt, this is because of the Agenda for Prosperity, the sound economic plan of our President and economic managers,” Romualdez said.
He said the “encouraging” economic figures “strengthen our resolve, as lawmakers, to remain fully committed in supporting the Agenda for Prosperity with the necessary legislative measures.”