The Marcos administration managed the economy well

Speaker Ferdinand Martin Romualdez said the Marcos administration is managing the economy well, as the first quarter of 2023 showed higher-than-expected growth.

He made the statement in reaction to the Philippine Statistics Authority (PSA) report that the economy grew by 6.4 percent in the first three months of this year.

The Speaker assured the people that the economy will continue on the path of high growth.

Citing 6.4 percent growth in the first quarter and PSA data, Speaker Romualdez said the economy expanded 7.6 percent in the third quarter of 2022 and 7.2 percent in the fourth quarter as the economy reopened and began to recover. The covid-19 pandemic.

He pointed out that the high growth quarters of 2022 and the first quarter of this year are the first nine months of the Marcos administration.

„The average economic expansion during the period was 7.07 percent, which is a respectable growth rate slightly higher than last year’s growth target of 6.5 percent and the average of 7.5 percent. So the economy is in good hands,” he asserted.

The Speaker noted that the 6.4-percent growth in the first quarter was roughly in the middle of this year’s expansion target of 6 percent to 7 percent.

„So our first quarter growth rate is within target,” he said.

The House Speaker said the Philippines „was the stellar economic performer among the Association of Southeast Asian Nations members and China and India in the first quarter.”

The country outpaced Indonesia (5 percent), China (4.5 percent) and Vietnam (3.3 percent), according to National Economic and Development Commission Director General Arsenio Balisagan.

The Philippines’ growth rate exceeded first-quarter expansion forecasts for Malaysia (4.9 percent), India (4.6 percent) and Thailand (2.8 percent).

Speaker Romualdez said the national government is expected to increase spending, particularly on infrastructure and social services.

„Government will be the leading driver of economic activity and employment and income generation,” he said.

More to do

Meanwhile, there is still a lot to do to fulfill all the campaign promises, Marcos Jr. said a year after taking office.

In a media interview after the inauguration of the Cebuana Lhuillier’s Kanekosyo Center in Parañaque City, the chief executive said his administration has achieved significant changes and growth in its first year, but more needs to be done in the years to come.

Marcos pointed out that nearly 40 years of neglect in the agricultural sector still needs to be „avoided.”

„We still have a lot to do. We have to undo 30, 35, almost 40 years of neglect when it comes to the agriculture sector. The agriculture sector still occupies a very fundamental part of our economy.” The President said.

„We have made a lot of progress. We are starting to see systemic changes that are part of the new bureaucracy, but there is still a long way to go,” added the president, who also serves as agriculture secretary.

The president also described fulfillment of his campaign promises as „in progress” as he received an „incomplete” grade in his first year as chief executive on June 30.

„I saw a report this morning that an economist said that my grade for the president is incomplete. I agree with him. We are not done,” President Marcos said.

He also cited that his administration is still coming up with plans and programs to reduce inflation in the country.

„We are still fighting inflation. It is definitely one of the biggest issues we are facing. We are doing everything we can so that our people do not suffer too much,” the President said.

„So it is never enough. Whatever we do, there is more to do. We must work smarter, we must work better, and we must be more vigilant,” President Marcos said. Added.

In an earlier interview, the President said that before stepping down as Secretary of the Department of Agriculture (DA) to ensure food security in the country, the President would first make structural changes. He also said that since he took over as DA Secretary, he has made some substantial changes to address the problems in the agriculture sector.

„You know, the fact of the matter is … we’ve been able to make some very important structural changes in the Department of Agriculture. So, we’re going through it one by one. There was a problem earlier this year. The crisis in all the food supply, food prices, all the fertilizer prices and so on,” He said.

The President stated that he intends to have effective systems in place to ensure food safety before leaving the Department of Agriculture.

„So my wish for the DA is that when I leave the DA at that time, ​​we will create systems where we can guarantee the food supply of the Philippines; we can guarantee that prices are affordable; and our farmers have a good life,” he said.