Romualdez confident PH can sustain economic improvement after 7.6% growth for 2022
MANILA, Philippines — House of Representatives Speaker Ferdinand Martin Romualdez is confident that the country could maintain its economic recovery after posting a 7.6 percent gross domestic product (GDP) growth for 2022.
Romualdez in a statement on Thursday said that the country could even improve on the said GDP growth rate, considering that the current administration is keen on maintaining policies in line with the Agenda for Prosperity roadmap.
He also means that President Ferdinand “Bongbong” Marcos Jr.’s strategy is on-track.
“With the right policies that will continue to implement President Marcos’ Agenda for Prosperity roadmap, and with the existing close cooperation between the executive and legislative branches, we can build on our stellar economic performance,” he said.
“Under the able leadership of the President, the nation’s GDP has been above 7 percent for the first six months of his term. His decision to reopen the economy despite the pandemic boosted growth,” he added.
Earlier, the Philippine Statistics Authority (PSA) announced that the full-year growth of the economy was slated at 7.6 percent, despite the rising prices of basic commodities at the end of the year.
This surpassed the country’s initial target of 6.5 percent to 7.5 percent.
According to National Statistician Dennis Mapa, the growth was achieved through a strong fourth quarter performance, which can be attributed to the wholesale and retail trade and repair of motor vehicles and motorcycles; financial and insurance activities; and manufacturing.
For 2022, the industry sector grew by 6.7 percent, services sector by 9.2 percent, and agriculture, forestry and fishing sectors by 0.5 percent.
Economic Planning Secretary Arsenio Balisacan meanwhile attributed the good fourth-quarter performance to the further easing of restrictions that spurred market movements.
Romualdez on the other hand urged lawmakers in the House to continue supporting the agenda, including the proposed sovereign wealth fund or the Maharlika Investment Fund which is slated to bring more projects to the country through investments.
“The enactment of these proposed pieces of legislation will further enhance our economic performance,” he noted.