THE House Committee on Ways and Means vowed to study carefully and approve measures related to economic growth.
Chairman of the committee, Albay Rep. Joey Salceda, made this commitment as he expressed elation over the improved growth rate of the Philippines.
At 6.4 percent GDP growth rate for the fourth quarter of 2019, the Philippines remains one of the fastest growing economies in Asia, Salceda said.
He noted that among countries of comparative size, the Philippines is among the fastest growing.
“More so, the upward quarterly trend proves the economy has traction and exhibits robust signals of acceleration ahead,” Salceda said.
“My committee meanwhile will continue to champion critically-needed fiscal reforms to support our growth,” the solon added.
As an economic policymaker, Salceda said he is setting his own target which is 7 to 8 percent growth and to lift at least 3 million people out of poverty by end of 2020.
“Clearly, the Philippine economy started picking up after the budget got approved. For a developing country like ours, the prompt delivery of public investments is among the most important factors of economic growth,” Salceda pointed out.
This year, Salceda said, the House leadership has moved proactively to ensure that the 2020 budget would be approved early.
And because of this he is confident that a 7 percent GDP growth in any of the quarters next year would be easy to achieve.
“Add CITIRA and the liberalization bills to the equation and we can shoot for the stars and set targets at 7 to 8 percent,” Salceda said.
“Of course, on these policy reforms, the ball is now in the Senate. The House leadership has again done its part diligently and with judicious promptness,” he added.