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Manila Bulletin devider Philippines devider National devider Salceda: PBBM's push for investments is paying off

Salceda: PBBM's push for investments is paying off

Published Feb 1, 2024 09:01 am

At A Glance

  • Albay 2nd district Rep. Joey Salceda gave props to President Marcos for facilitating the inflow of investments to the country, which has led to a sizable growth in the economy based on fourth-quarter and full-year gross domestic product (GDP) figures. 

FB_IMG_1675831079805.jpgAlbay 2nd district Rep. Joey Salceda (left) and President Ferdinand "Bongbong" Marcos Jr. (Facebook)

Albay 2nd district Rep. Joey Salceda gave props to President Marcos for facilitating the inflow of investments to the country, which has led to a sizable growth in the economy based on fourth-quarter and full-year gross domestic product (GDP) figures.

According to the Philippine Statistics Authority (PSA), the economy grew by 5.6 percent in the fourth quarter of 2023, bringing the full-year GDP growth to 5.6 percent.

In a statement on Wednesday, Jan. 31, Salceda said these figures point to a “robust private sector long-term investment”, with gross fixed capital formation set at a “very strong” 8.1 percent.

“This points to the work of the President in encouraging more investments into the country through reforms to make doing business easier and fairer,” he said.

Salceda specifically cited the “remarkable" 13.6 percent growth in exports of services, which he said was understated given that the growing virtual services sector or the so-called micro business process outsourcing (BPO) was not fully accounted for.

The economist-solon noted that the country’s economic performance was in the context of a “highly hostile global environment”.

He cited the high food prices due to ongoing conflicts in Ukraine and Israel, as well as high United States (US) federal reserve interest rates, which dampened global growth.

Salceda said government spending took on a heavy toll from election bans due to the recent Barangay and Sangguniang Kabataan Elections, as well as delays in the release of funds for key programs.

He said government spending grew at a disappointing 0.4 percent full year and shrunk by 1.8 percent in the fourth quarter.

The House Ways and Means Committee chairman claimed that passing his pet bill, House Bill (HB) No. 9513—which sought to provide a broader range of sources for the release of unprogrammed funds—would allow the government to “catch-up work faster”.

“Fortunately, similar provisions are now integrated in the 2024 General Appropriations Act. So, economic performance for 2024 should be better,” said Salceda.

“All in all, the efforts to boost investment are working despite global headwinds, but to support expansionary government spending, we need strong tax and non-tax revenue growth, as well as faster releases of programmed and unprogrammed appropriations,” he added.

Related Tags

president ferdinand bongbong marcos jr foreign investment joey salceda Philippine economy
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