House Speaker Martin Romualdez sees warmer relations between the Philippines and the United States (US) under the Marcos administration that will bring economic gains to the two nations.
Speaking before a luncheon caucus of the US-Philippines Society on Tuesday, Jan. 31, Romualdez said he hoped the dialogue will help them identify more areas of cooperation.
“The United States and the Philippines have a long history of collaboration and cooperation when it comes to global issues. From trade and investment to security and defense, our countries have shown that much can be achieved if we continue working together,” he said.
The Speaker made a call for closer economic ties with the US to capitalize on the country’s record-breaking economic growth last year.
“I am confident that the long and extensive relationship between the United States and the Philippines will continue to bring economic gains that are beneficial for peoples of both countries,” he said.
Top US business leaders and former government officials gathered during the US-Philippines Society caucus held at the Manila Peninsula Hotel in Makati City.
Romualdez told the US-Philippines Society that the two countries should further strengthen ties and commitment to working together as “friends and allies.”
“Our bilateral relations are an important part of our diplomatic efforts. We have been able to make progress in areas such as climate change, economic development, and counterterrorism. This is the result of the strong bonds of friendship between our two countries,” the lawmaker from Leyte said.
“The US-Philippine relationship is also one of mutual respect and understanding. As friends and allies, we strive to be partners in promoting peace and stability in the region. We value the trust and confidence that come with our relationship as neighbors and partners,” he added.
Prior to his call for increased economic ties with the US, Romualdez spoke of the Legislative Agenda of the Philippines’ 19th Congress.
He also mentioned how President Ferdinand “Bongbong” Marcos Jr.’s “Agenda for Prosperity” was responsible for the country’s full-year 2022 Gross Domestic Product (GDP) growth of 7.6 percent.
“This agenda has as its core mission the country’s economic transformation towards inclusivity and sustainability,” Romualdez said, citing that “we in Congress join the President in this mission.”
Romualdez, a cousin of the President, noted that the House of Representatives has adopted the Marcos administration’s Medium-Term Fiscal Framework (MTFF) and 8-Point Socio-Economic Agenda, which comprise the roadmap for the Agenda for Prosperity.
“We have committed to prioritizing legislative measures that support the MTFF and the 8-Point Socioeconomic Agenda because we in Congress join in the mission to steer the economy back to its high-growth path in the near term and sustain inclusive and resilient growth through to 2028,” he said.
The common goals in government led to the “sound economic plan” that came with the Agenda for Prosperity, Romualdez added.
This “solid economic plan” is also the reason why the country is “not only surviving but thriving in spite of the external or global economic challenges.”
Despite the “gloomy” economic outlook globally brought about by the pandemic, the Russia-Ukraine war, high inflation, and “an abrupt slowdown in global growth,” the lawmaker noted how the Philippines last week announced a GDP growth of 7.2 percent in the fourth quarter of last year, resulting in a 7.6 percent full-year growth in 2022.
“This is the fastest growth recorded since 1976, and above the government's target of 6.5 to 7.5 percent,” he added.
These figures further strengthen the resolve of Congress “to remain fully committed to supporting the Agenda for Prosperity with the necessary legislative measures.”
“We are now deliberating on current bills— and will propose more measures— aimed at opening the Philippine markets for foreign direct investments. The approval in the House of Representatives of the Maharlika Investment Fund bill is just the beginning,” he said.