House Majority Leader and Leyte Rep. Martin Romualdez on Sunday led lawmakers in commending President Rodrigo Duterte after the Philippine economy grew at a faster pace in the third quarter of 2019.
“The economic growth is attributed to the sound economic policy of President Duterte who has been pursuing structural reforms needed to guarantee the country’s economic takeoff,” he said.
“Under the leadership of Speaker (Alan Peter) Cayetano, we will work on our important task of pursuing vital economic legislation needed to sustain higher productivity growth. Global industrial giants see a great potential in us,” he added.
The country’s economy measured by the gross domestic product (GDP) posted 6.2 percent growth compared to the 5.5 percent GDP growth in the second quarter and six percent in the third quarter of last year.
Deputy Speaker and 1-Pacman party-list Rep. Mikee Romero predicted that the economy would hit a 6.5 percent economic growth by the end of the year.
“The whole economy will keep on running well at a sustained economic growth rate above 6 percent, onward to even 6.5 percent by this time next year and sustainable above 6.5 percent in 2021,” he noted.
Romero is the president of the 54-strong Party-list Coalition Foundation Inc.
“To complement the efforts of the economic managers and agencies, Congress will be exercising its oversight powers to make sure the Revised Corporation Code and New Anti-Red Tape Law are implemented fast and well by all the agencies involved. We will also pass more laws to improve the business climate throughout the country,” he said.
Ako Bisaya party-list Rep. Sonny Lagon, along with Deputy Speaker and Batangas Rep. Raneo Abu, also lauded the President, the economic team and fellow lawmakers for working on the passage of bills aimed at pursuing economic reforms.
“I commend their dedication in pursuing the impressive economic growth of 6.2 percent in the third quarter of the year. We are the second fastest economy in Asia, next to 7.3 percent of Vietnam,” he said.
“This is a big boost to our desire for more foreign and domestic investments in the country to create more jobs and ensure development in the countryside. We will continue to support President Duterte’s efforts in pursuing structural reforms needed to ensure higher economic growth,” he added.