Albay 2nd district Rep. Joey Salceda (Facebook)

The administration of President Marcos has regained a position of strength, economist-congressman Joey Salceda of Albay's 2nd district said Thursday, Nov. 9.

Salceda gave this assessment in light of the Philippines' 5.9 percent growth in gross domestic product (GDP) for the third quarter of 2023.

The GDP growth was reported at the heels positive developments on inflation, which slowed down to 4.9 percent during the same quarter.

"With inflation back under control and growth back on track, President Marcos has the space and the opportunity to work on policies and priorities that are forward-looking. PBBM (President Marcos) is back in a position of strength--and that is leverage for more long-term reforms," Salceda said.

"Moving forward, Filipinos can expect that while global conditions will remain volatile and uncertain, the President has more tools to work with, thanks to good growth numbers for the past quarter," added the chairman of the House Committee on Ways and Means.

Government spending was the key driver of growth recovery in the third quarter according to Salceda, This resulted in high construction sector growth at 12.4 percent on the expenditure side, and 14.0 percent on the industry side.

"We have to sustain the government's spending catchup plan, especially at the local government unit level. Budgeted programs and plans there were put on hold because of the Barangay and SK (Sangguniang Kabataan) Election spending ban should be pursued vigorously to completion this year," he noted.

"Mining is also back in the green at 4.5 percent growth, its best performance since Q3 of 2022, PBBM's first quarter in office," said the Bicolano.

Salceda said the agriculture sector shouldn't be neglected.

"For the sector to maintain its peso-level contribution to GDP per capita, it should grow by at least 2 percent every year. Average growth so far this year has been 1.1 percent. The appointment of a DA (Department of Agriculture) secretary who comes from the leading investment drivers of the agriculture sector should bolster the effort to meet this target," he said.

He also warned of "signs of weak global trade, as shown in a much larger negative growth for imports of goods, from -5.0 percent during the previous quarter to -8.1 percent".

"Exports of goods have also decelerated in growth from -0.9 percent to -2.6 percent, signs of continued lackluster global demand due to high Fed rates," Salceda explained.

"In the absence of a strong global trade environment, we must strengthen our fundamental domestic industries, especially agriculture and domestic manufacturing," he said.