PH economy 'strongest' in Southeast Asia: PBBM's gain in past 2 years

MANILA – House of Representatives Speaker Ferdinand Martin G. Romualdez said Monday transforming the Philippine economy into the strongest in Southeast Asia is among President Ferdinand R. Marcos Jr.'s many accomplishments that could be assessed as his crowning glory in the past two years.

"Sa gitna ng napakaraming hamon sa loob at sa labas ng bansa, naibangon ng ating mahal na Pangulong Marcos ang ekonomiya ng Pilipinas, naiahon sa kahirapan ang maraming Pilipino, at nagpalago sa komersyo na nagpayabong ng kabuhayan at naglikha ng trabaho para sa mga Pilipino (Amid the various challenges inside and outside the country, our President has rebuilt the Philippine economy, lifted many Filipinos from poverty, and improved commerce, which boosted the livelihood and created jobs for the Filipinos)," Romualdez said in a statement.

"Our economic growth is nothing short of astounding, and the administration's infrastructure development and social amelioration programs have ensured that ordinary Filipinos benefit from the nation's progress."

He noted that the country has surpassed Vietnam as the fastest-growing economy in the region, as recognized by the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank.

The ADB's latest outlook, he said, projects the Philippines to remain a regional powerhouse through 2024, while the IMF sees the country to grow the second-fastest globally for this year and in 2025, next to India.

"Our economic growth not only surpassed that of our regional peers but also made the country a major player in the global economy," he said.

During the first quarter of 2024, the economy grew by 5.7 percent, the same as Vietnam and outpacing major economies, such as China, Indonesia, and Malaysia.

Romualdez said inflation has begun to ease, the country's fiscal management has shown significant improvement, and the decrease in the deficit-to-GDP ratio, as well as the increase in government collections, are proof of sound economic policies of the Marcos administration.

He also mentioned Fitch Ratings, which gave the country a stable outlook, and the tourism sector significantly contributed to the economy.

He also praised the Marcos administration for prioritizing infrastructure development, with the public infrastructure budget exceeding 5 percent of the GDP in recent years.

The "Build Better More" (BBM) program, he said, aims to usher in a "Golden Era" of infrastructure development, with notable projects, such as the North-South Commuter Railway (NSCR) System and the Metro Manila Subway Project advancing rapidly and expected to significantly reduce travel times and improve connectivity.

"The BBM Program is a pillar of our strategy to drive economic growth and improve the quality of life for all Filipinos. The enactment of the Public-Private Partnership Code will further enhance our ability to deliver large-scale projects efficiently and effectively," he said.

He also highlighted the administration's efforts in attracting foreign investments in renewable energy (RE), including the USD5 billion committed by Denmark's Copenhagen Infrastructure Partners (CIP) to develop offshore wind projects.

"Our renewable energy sector is a game-changer. These investments will not only boost our energy capacity but also promote sustainable development," he said. "The Board of Investments' approval of nearly P1 trillion in RE projects underscores our commitment to a greener future."

Along with this economic growth, he said, is also the rise of employment and livelihood opportunities for a population reeling from the effects of the pandemic.

Romualdez said the country's economic gains have also enabled the government to implement social programs that ensure all Filipinos, including the most vulnerable, benefit from economic growth.

He cited the Pantawid Pamilyang Pilipino Program (4Ps), the government's central poverty reduction program, with P106.3 billion allocated in 2024 to support health, nutrition, and education for millions of Filipinos. The program has recently expanded to include additional support for pregnant women and young children.

He explained that the Department of Social Welfare and Development (DSWD) has effectively implemented various social protection programs that reduced poverty incidence from 23.7 percent in 2021 to 22.4 percent in 2023.

"As President Marcos completes two years in office, his administration has laid a solid foundation for economic resilience and growth. The focus on infrastructure, renewable energy, and social programs ensures that all Filipinos, especially the vulnerable, benefit from the country's progress," he pointed out.

He said Marcos' visionary leadership has set the country on a path to sustained economic prosperity.

And for this, the President deserves the support of all Filipinos, he added. (PNA)