Speaker Ferdinand Martin G. Romualdez on Friday said the report from the Philippine Statistics Authority, which reflects a 4.3 percent
gross domestic product growth for Q2 2023 and 5.3 percent for the first semester, “highlights both our achievements and areas requiring
intensified action.”
“We, in the House of Representatives, commend the unwavering efforts of our economic managers in navigating our nation towards recovery amidst challenging times,” Romualdez said in a statement.
He noted one pressing concern that is evident is the rising food inflation, which has been a significant driver of the economic
slowdown.
“Addressing this is paramount to ensure that every Filipino has access to affordable, nutritious food while also stimulating our agricultural
sectors:
One, agricultural Investments: “We will focus on injecting funds into our agricultural sector, promoting modern farming techniques, and
improving storage and distribution infrastructure. This will help increase yield and reduce post-harvest losses.”
Two, supply chain enhancement: “By optimizing supply chains and reducing logistical bottlenecks, we can ensure that food reaches
consumers swiftly, reducing costs and wastage.”
Three, price monitoring and regulation: “The House supports initiatives to monitor and regulate the prices of essential
commodities, ensuring that unscrupulous practices do not exploit Filipinos.”
Fourth, import policies: “Reviewing and, if necessary, adjusting our import policies can help stabilize food prices. Strategic imports,
when local supply is low, can prevent excessive price hikes.”
Romualdez also said recognizing the contraction in government spending, the House is primed to act, such as one, fast-track budget
approvals: “We’ll expedite budget approvals, ensuring swift program initiation by agencies.
Two, infrastructure and local development: “We’ll focus on infrastructure projects and empower LGUs to kick-start local
initiatives.”
Three, quick response: “Rapid release and utilization of the Quick Response Fund will aid communities hit by recent typhoons.”
Four, public-private collaborations: “Strengthened Public-Private Partnerships can amplify key projects’ rollouts and reduce fiscal
pressures.”
Five, sectoral focus: “Emphasis on sectors like tourism and MSMEs ensures broad economic benefits from our strategic spending.”
Romualdez also said the House is committed to pursuing proactive legislative initiatives, from bolstering employment and tourism to enhancing the investment climate and guaranteeing the continued education of our youth. In unity with the Economic Team’s strategies,
we’re poised to navigate challenges and sustain our growth trajectory.
“Together, with a shared vision and commitment, we are set on a path to propel the Philippines towards a prosperous, inclusive, and
resilient future, where food security and economic stability are foundational pillars,” Romualdez said.
