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Manila Bulletin devider Philippines devider National devider 6% GDP growth target for 2023 still achievable, says Romualdez 

6% GDP growth target for 2023 still achievable, says Romualdez 

Published Nov 9, 2023 08:09 am

At A Glance

  • House Speaker Martin Romualdez believes that the country's minimum gross domestic product (GDP) growth target of 6 percent for the year 2023 is still achievable. 

IMG-6c658530d13039efb60806eb54f9eb06-V.jpgHouse Speaker Martin Romualdez (Speaker’s office)

 

 

 

 

 

House Speaker Martin Romualdez believes that the country’s minimum gross domestic product (GDP) growth target of 6 percent for the year 2023 is still achievable. 

This, after the Philippines posted a strong GDP growth rate of 5.9 percent for the third quarter. 

“It’s a difficult challenge, but let’s do the most we can to hit the target. Let us not be distracted by political noise. Let’s continue supporting President BBM in achieving economic prosperity for our people,” Speaker Romualdez said in statement Thursday, Nov. 9. 

According to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, GDP growth in the first three quarters of the year averaged 5.5 percent. 

He said the country's economy should expand by 7.2 percent in the fourth quarter for it to attain its minimum expansion goal of 6 percent for whole of 2023. 

Romualdez reminded everyone that the economy grew by an average of 7.4 in the first six months of the Marcos administration - 7.6 percent and 7.2 percent in the third and fourth quarter of 2022, respectively. 

“So 7.2 percent is a fairly achievable goal. It’s not an impossible dream,” noted the Leyte 1st district congressman. 

Romualdez said two factors would result in faster economic expansion in the last quarter - increased consumer spending during the Christmas season and yearend disbursements and project completion by government agencies. 

“The government is the principal driver of growth. We expect state offices to ramp up project and program implementation and activities. Funds released to them are meant to be spent, not saved, though expenditures should comply with relevant accounting, auditing, transparency, and accountability regulations,” the head of the 300-plus strong House of Representativessaid. 

He said the House would not hesitate to exercise its oversight power to check on the spending of agencies.

 

Related Tags

Arsenio Balisacan Martin Romualdez Gross domestic product
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