Speaker Ferdinand Martin G. Romualdez (Courtesy of Speaker's office)
MANILA – Speaker Ferdinand Martin G. Romualdez on Friday vowed that the House of Representatives will focus on areas requiring intensified action to bring economic growth back on track.
Romualdez made this comment after the Philippine economic growth slowed down to 4.3 percent in the second quarter from the 6.4 percent expansion in the first quarter this year.
The country’s economic team on Thursday said economic expansion was tempered by high commodity prices, the lagged effects of interest rate hikes, the contraction in government spending and slower global economic growth.
In a press statement, Romualdez noted that one evident pressing concern is the rising food inflation, which has been a significant driver of the economic slowdown, and addressing this is paramount to ensure that every Filipino has access to affordable, nutritious food while also stimulating the various agricultural sectors.
“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,” he said.
He added that the House will work on optimizing supply chains and reducing logistical bottlenecks to ensure that food reaches consumers swiftly, reducing costs and wastage.
“The House supports initiatives to monitor and regulate the prices of essential commodities, ensuring that unscrupulous practices do not exploit Filipinos,” he said.
Romualdez also said reviewing and, if necessary, adjusting import policies can help stabilize food prices.
“Strategic imports, when local supply is low, can prevent excessive price hikes,” Romualdez said.
To counter the contraction in government spending, Romualdez pointed out that the House is primed to expedite budget approvals, ensuring swift program initiation by agencies; focus on infrastructure projects and empower local government units (LGUs) to kick-start local initiatives; strengthen Public-Private Partnerships that can amplify key projects' rollouts and reduce fiscal pressures; and focus on sectors like tourism and micro, small and medium enterprises (MSMEs) to ensure broad economic benefits from strategic spending.
He also agreed with the economic managers that the rapid release and utilization of the Quick Response Fund will aid communities hit by recent typhoons.
“We, in the House of Representatives, commend the unwavering efforts of our economic managers in navigating our nation towards recovery amidst challenging times. The House remains proactive in legislative initiatives, from bolstering employment and tourism to enhancing the investment climate and guaranteeing the continued education of our youth,” Romualdez said.
“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,” he said. (PNA)
