PH set for middle-income status by 2025, says Romualdez
MANILA, Philippines — The Philippines is on track to reach middle-income status by 2025, says Speaker Ferdinand Martin G. Romualdez, citing the Asian Development Bank’s (ADB) robust growth projections for the nation’s economy.
In the ADB’s July Outlook Update, the Philippines’ gross domestic product (GDP) is expected to grow by 6.0 percent this year, leading the growth rates among major Southeast Asian countries. By 2024, the country’s economy is predicted to expand by an additional 6.2 percent.
“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, noting that the nation’s recovery from the effects of the COVID-19 crisis is an encouraging sign of progress.
According to Romualdez, the ADB’s projections align with those of the country’s economic managers, who predict growth rates of 6.0 to 7.0 percent for 2023 and 6.5 to 8.0 percent for 2024 to 2028. The International Monetary Fund also anticipates a 6 percent growth for the Philippines this year.
President Ferdinand Marcos Jr’s “steady hand at the helm” and the unity among the nation’s citizens and businesses have been instrumental in fostering this economic growth, Romualdez said.
“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 said.
To sustain this momentum, Romualdez emphasized the House of Representatives’ commitment to enacting laws that foster a business-friendly environment and ensure that the benefits of growth are widely distributed.
He mentioned plans to strengthen social safety nets, invest in crucial sectors, and allocate funds for a range of programs, including taming the rising costs of food and basic commodities and creating jobs.
Romualdez is eager to hear Marcos’s future plans in his upcoming State of the Nation Address, as the House is ready to “waste no time in working with the Executive to put in place the necessary reforms to uplift the lives of our people.”
The House, starting the 2nd Regular Session of the 19th Congress, has pledged swift action to pass priority bills agreed upon by the Legislative Executive Development Advisory Council (LEDAC) before year’s end. They’ve already approved 33 out of the 42 priority measures of the Marcos administration.