Hon. Ferdinand Martin G. Romualdez, Speaker of the House of Representatives (HOR), presented the new Administration’s Economic Legislative Agenda: Priorities and Gameplans at the PCCI General Membership Meeting on 04 August 2022 at Makati Diamond Residences.
Speaker Romualdez highlighted several goals and initiatives of the New Administration, i.e., job creation, poverty reduction, food security, reduction of transport and logistics cost, as well as energy costs to families, addressing health concerns, strengthening of social protection programs in terms of face to face classes, enhance bureaucratic efficiency, and sound fiscal management. Further, the new Administration introduced the Medium-Term Fiscal Framework (MTFF), which has set macroeconomic targets for the following years, which are: (1) 6.5-7.5 percent real GDP growth in 2022; 6.5-8 percent real annual GDP growth from 2023 to 2028; (2) 9 percent poverty rate reduction by 2028; (3) 3 percent National Government deficit by 2028; (4) Less than 60 percent National Government debt-to-GDP ratio by 2025; and (5) Upper middle-income status to attain at least USD4,000 per annum.
The MTFF also provides an agenda that includes the promotion of investments, improvement of physical infrastructure, energy, security, promotion of research and development, and adoption of green and blue economic programs. The MTFF advocates fiscal management through consolidation. The government shall endeavor to improve tax administration by enhancing efficiency in the tax system. The philosophy is to ensure adequate funding for government programs.
The MTFF is a fiscal consolidation that is a resource mobilization plan. The objective in the short run is to keep the macroeconomy situation stable and provide adequate social services; and, in the medium term, generate ‘more jobs, quality jobs, green jobs.
The HOR supports the MTFF and aligns the Congressional initiatives with the economic recovery programs of the National Government. The Filipinos are hopeful that these priorities and plans geared toward economic recovery are met to ease the pandemic-ridden lives inflicted for two years and more. FJLI