HOUSE Majority Leader and Leyte Rep. Martin Romualdez yesterday led lawmakers in commending President Rodrigo “Rody” Duterte over the Philippine economy’s faster growth in the third quarter of 2019.
“The economic growth is attributed to the sound economic policy of President Duterte who has been pursuing structural reforms needed to guarantee the country’s economic takeoff,” said Romualdez after the country’s economy measured by the gross domestic product (GDP) posted 6.2 percent growth compared to the 5.5 percent GDP growth in the second quarter and six percent in the third quarter of 2018.
“Under the leadership of Speaker (Alan Peter) Cayetano, we will work on our important task of pursuing vital economic legislation needed to sustain higher productivity growth. Global industrial giants see a great potential in us,” said Romualdez, chairman of the powerful House Committee on Rules.
Deputy Speaker and 1-Pacman party-list Rep. Mikee Romero predicted that the economy will hit a 6.5 percent growth by the end of the year.
“The whole economy will keep on running well at a sustained economic growth rate above 6 percent, onward to even 6.5 percent by this time next year and sustainable above 6.5 percent in 2021,” said Romero, president of the 54-strong Party-list Coalition Foundation, Inc. (PCFI).
“To complement the efforts of the economic managers and agencies, Congress will be exercising its oversight powers to make sure the Revised Corporation Code and New Anti-Red Tape Law are implemented fast and well by all the agencies involved. We will also pass more laws to improve the business climate throughout the country,” said Romero.
Ako Bisaya party-list Rep. Sonny Lagon and Deputy Speaker and Batangas Rep. Raneo Abu joined Romualdez in lauding President Duterte, the economic team and their colleagues in Congress led by Cayetano for working on the passage of bills aimed at pursuing economic reforms.
“I commend their dedication in pursuing the impressive economic growth of 6.2 percent in the third quarter of the year. We are the second fastest economy in Asia, next to 7.3 percent of Vietnam,” said Lagon, whose party-list is allied with the Lakas-Christian Muslim Democrats (CMD) which Romualdez leads as President.
“This is a big boost to our desire for more foreign and domestic investments in the country to create more jobs and ensure development in the countryside. We will continue to support President Duterte’s efforts in pursuing structural reforms needed to ensure higher economic growth,” Lagon said, stressing that the House leadership will work to achieve a middle-class country free from poverty by 2040.
Abu said Congress would focus more on institutionalizing reforms that will encourage the influx of more investments, the creation of more jobs, improvement in human capital investment, and the building of better infrastructure.
“We will continue to work on passing measures that will propel our economy to greater heights,” said Abu.