PH economic growth gets boost, Romualdez credits unity
MANILA, Philippines–House Speaker Ferdinand Martin G. Romualdez lauded an updated World Bank forecast indicating a higher-than-expected economic growth rate for the Philippines this year.
Romualdez attributed this positive trend to the unity between the Executive and Legislative branches of the government.
In an announcement on Thursday, the World Bank upgraded its growth projection for the Philippine gross domestic product (GDP) to 6.0% for the current year, a noticeable increase from previous predictions of 5.4% in December and 5.6% in April.
“This upgraded forecast reinforces the positive trajectory of the Philippine economy and demonstrates that we are on the right track towards recovery and progress,” Romualdez said. “It is a testament to the resilience of our people, the dynamism of our businesses, and the stability of our economic fundamentals.”
Romualdez highlighted the effective and inclusive economic agenda of President Ferdinand R. Marcos Jr.’s administration, noting its role alongside the collaboration between the Executive and Legislative branches in creating a conducive environment for economic growth.
The Speaker commended the joint efforts of the country’s economic managers, lawmakers, and stakeholders for their contributions to this promising development. Additionally, Romualdez reaffirmed the House’s commitment to passing crucial pieces of legislation to further accelerate the country’s economic momentum for the benefit of all Filipinos.
“As the House amply demonstrated, we remain committed to implementing policies that will further stimulate economic activity, attract investments, and generate employment opportunities for our fellow Filipinos,” Romualdez said.
He said that distractions would not impede the House’s drive to devise appropriate and timely solutions for issues affecting Filipinos’ lives.
The First Regular Session of the 19th Congress has concluded, with the House approving 33 out of 42 bills recognized as priority measures by Marcos and adopted by the Legislative-Executive Development Advisory Council (LEDAC).
In all, the lower chamber processed a total of 9,600 measures, consisting of 8,490 House bills, 1,109 resolutions, and one petition.