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Manila Bulletin devider Philippines devider National devider Romualdez stays positive, promises House action after GDP growth slowdown

Romualdez stays positive, promises House action after GDP growth slowdown

Published Aug 11, 2023 05:58 am

At A Glance

  • House Speaker Martin Romualdez chose to be positive and forward-looking Friday, Aug. 11 despite the country's slower than expected gross domestic product (GDP) growth for the second quarter of 2023. 

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House Speaker Martin Romualdez (Speaker’s office)

 

 

 

 

 

House Speaker Martin Romualdez chose to be positive and forward-looking Friday, Aug. 11 despite the country’s slower than expected gross domestic product (GDP) growth for the second quarter of 2023. 

"We, in the House of Representatives, commend the unwavering efforts of our economic managers in navigating our nation towards recovery amidst challenging times," Romualdez said in a statement Friday, Aug. 11 even as pundits highlighted the Philippine economy's slowest pace of growth in almost 12 years. 

"The report from the Philippine Statistics Authority (PSA), which reflects a 4.3 percent GDP growth for Q2 2023 and 5.3 percent for for the first semester, highlights both our achievements and areas requiring intensified action," he said. 

Romualdez, the leader of the 312-strong lower chamber, acknowledged the problem of food inflation in connection with the PSA statistics. He subsequently laid out a plan to address it. 

"One pressing concern that's evident is the rising food inflation, which has been a significant driver of the economic slowdown. Addressing this is paramount to ensure that every Filipino has access to affordable, nutritious food while also stimulating our agricultural sectors," he said. 

"We will focus on injecting funds into our agricultural sector, promoting modern farming techniques, and improving storage and distribution infrastructure. This will help increase yield and reduce post-harvest losses," the Leyte 1st district congressman said. 

He said the House will also help enhance the supply chain and reduce logistical bottlenecks in order to ensure that food reaches consumers swiftly. 

Romualdez also said that the House supports initiatives to monitor and regulate the prices of essential commodities so as to protect Filipinos from unscrupulous practices 

He also reckoned that "Reviewing and, if necessary, adjusting our import policies can help stabilize food prices." 

"Strategic imports, when local supply is low, can prevent excessive price hikes," added Romualdez, president of the Lakas-Christian Muslim Democrats (Lakas-CMD) party.

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