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Manila Bulletin devider Philippines devider National devider House 'inspired' over DOF's positive economic outlook for PH--Romualdez

House 'inspired' over DOF's positive economic outlook for PH--Romualdez

Published Dec 29, 2022 12:47 pm

House Speaker Martin Romualdez described his fellow congressmen on Thursday, Dec. 29 as "inspired to work" following the Department of Finance's (DOF) declaration that "the worst is over" for the Philippines.

House Speaker Martin Romualdez (Speaker’s office)



"We, in the House of Representatives, welcome the good news from our Finance Secretary that the worst is over for the Philippines and better years are expected,” Romualdez said in a statement.

"This definitely inspires us to work double-time when we resume session next year, pushing us to legislate more laws needed to further boost the economy and improve the living condition of our people,” added the Leyte 1st district congressman.

The Speaker was referring to the statement released on Wednesday by DOF Secretary Benjamin Diokno where he projected faster economic growth for the Philippines in 2023.

"After the highly unprecedented pandemic, followed by Russia’s invasion of Ukraine and a weakening China growth, the global economy is likely to face a mild recession next year. But for the Philippines, the worst is over, and better years are expected," Diokno said.

Romualdez also extended his gratitude to his House of Representatives colleagues for acting swiftly on vital legislative measures, which Diokno cited as among the major reasons for optimism next year and beyond as far as the economy is concerned.

Despite a looming global recession, Diokno said the Philippines is still expected to have one of the highest growth rates among six Association of Southeast Asian Nations (ASEAN) member economies in 2023.

To help sustain such a growth trajectory, Romualdez had vowed to pass the remaining 12 priority measures of President Ferdinand "Bongbong" Marcos Jr. when Congress resumes sessions on Jan. 23, 2023.

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The 12 bills that the House intends to pass next year are the following: 1.) The Enactment of an Enabling Law for the Natural Gas Industry; 2.) Amendments to the Electric Power Industry Reform Act (EPIRA); 3.) The Unified System of Separation, Retirement and Pension; 4.) The E-Governance Act and E-Government Act,; 5.) The National Land Use Act; 6.) The National Defense Act; 7.) The National Government Rightsizing Program; 8.) The Budget Modernization Bill; 9.) The Act creating the Department of Water Resources; 10.) The Act Establishing the Negros Island Region; 11.) Magna Carta Filipino Seafarers; and 12.) The Establishment of Regional Specialty Hospitals.

The House is in the middle of a five-week holiday recess. Before the break, the lower chamber approved on third and final reading 19 other Marcos priority bills, the P5.268-trillion national budget for 2023, and the Maharlika Investment Fund (MIF) Bill.

Related Tags

priority bills inspired Ukraine 2023 Ferdinand “Bongbong” Marcos jr. DOF Benjamin Diokno House of Representatives mif 122922 worst is over maharlika Martin Romualdez pandemic russia
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