House Ways and Means Committee Chairman Albay 2nd district Rep. Joey Sarte Salceda is confident that, by year end, the government will have hit its economic growth targets.
This, despite the fact that the Philippine economy slowed down to 7.4 percent in the second quarter of 2022.
READ: https://mb.com.ph/2022/08/09/ph-economic-growth-slows-to-7-4-in-q2/
“I remain confident that we will be able to attain our growth targets for this year, but the crunch in disposable incomes and consumer confidence, election ban on public investments, and overall global conditions are bearing down on our growth trajectory,” the economist-lawmaker said on Tuesday, Aug. 9.
“That said, the fiscal program could do better. At just 22.4 percent of GDP , this is the lowest pandemic budget. On top of policy rate hikes, this means that our fiscal policy short term is contractionary. That, too, will bear down on growth,” he added.
As the House tax panel chair, Salceda said that he had been working with the government’s economic managers “to find fiscal space for implicit stimulus".
The Bicolano then mentioned some of his plans to boost long-term economic growth, which include a Mining Tax Reform and pension system reform.
“Likewise, we need growth affirming policies. I will be pushing through with Mining Tax Reform as the first order of business of the Committee on Ways and Means,” Salceda said.
“This morning, I just met with the Treasurer of the Philippines on reforming our pension system and the base of investible funds for our capital markets. This will boost long-term growth and investor attractiveness of our economy,” he concluded.