"Let us all work together for a more prosperous year."
As the old saying goes, “from the hottest fire comes the strongest steel.” The Philippines came out strong as we ended the year 2019. Looking back, 2019 offered many challenges to us Filipinos. We were battered by heavy typhoons and floods, and shaken by several earthquakes, all of which left damages to infrastructure and resulted in agricultural and human losses. Metro Manila was also affected by water shortages almost the entire year, leading to the investigations of the existing water concessionaires and proposals of new water sources.
Despite these events, our economy recorded a 6.2-percent growth in the third quarter of 2019, a 0.7-point leap from the previous quarter. The Philippine Statistics Authority identified the service sector with the fastest growth registered, followed by the industry and the agricultural sectors. The increased spending of the government after the passage of the 2019 budget in April also contributed to the said growth. It can be said that with surge of remittances, our GDP will more likely climb further as 2019 comes to an end.
With this positive development, we can tell early on that 2020 will be as productive and rewarding, if not better, as 2019, We were able to reach an all-time low inflation rate. Annual employment rate was at 94.9 percent according to the PSA. The World Bank identified a narrower budget deficit in 2019, with only P49.3 million in October. It has also estimated a lower poverty incidence in 2019 at 20.8 percent, compared to the 2015 record of 26 percent.
The National Economic and Development Authority is hopeful that we will be reclassified as an upper middle income country by 2020. With the new tax policies implemented this 2020, public revenue is seen to grow significantly. The Build, Build, Build program is expected to peak as more projects reach completion while new projects are under way. More foreign investments are seen to enter the country as the economy improves.
While statistics show great improvements, I remain hopeful for a holistic and inclusive growth for 2020. I urge the government, especially Congress and Senate, to immediately pass the 2020 budget so that projects will not be delayed. We need to ensure efficient use of public funds in order to provide better public programs especially in health and social welfare. I therefore seek the continued support, cooperation, and collaboration of the national government in the implementation of both national and local programs, especially in Quezon. If all goes well and no calamity hits the country this 2020, I am certain that we will be able to reach economic targets and hopefully cement our spot in the map of fast-growing economies in Asia.
As for the Quezon province, I stand with the people amidst the calamities that hit the province this 2019. Together, we shall rebuild whatever was destroyed, and we shall provide whatever was taken. The programs of the provincial and local governments will remain supportive of the welfare of the people. United, we will be able to withstand the challenges we may encounter this 2020. Hence, I seek your continued support and cooperation in our programs and projects. I am optimistic that national growth will trickle down and translate to local development, and vice versa. Let us all work together for a more prosperous year. Mabuhay po tayong lahat!
