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Manila Bulletin devider Philippines devider National devider Economic Cha-cha's impact on growth to be felt this year once it is in place--Romualdez 

Economic Cha-cha's impact on growth to be felt this year once it is in place--Romualdez 

Published Apr 6, 2024 07:17 am

At A Glance

  • House Speaker Martin Romualdez has claimed that the proposed economic Charter change (Cha-cha) can impact the country's growth as early as this year, for as long as it is set "in place". 

divisoria.jpg(MANILA BULLETIN)



House Speaker Martin Romualdez has claimed that the proposed economic Charter change (Cha-cha) can impact the country’s growth as early as this year, for as long as it is set "in place".

This, as leader of the 300-plus-strong House of Representatives expressed confidence that the Philippines can hit its growth targets, as set by the Development and Budget Coordination Committee (DBCC) and the National Economic and Development Authority (NEDA).

“I am confident that we can hit at least the lowest end of the target range because the economic policies and measures the President and Congress have taken and pursued are keeping us on the right track,” Romualdez.

“We can even leapfrog if the proposed economic Charter reforms are already in place,” he added.

Earlier, the DBCC and NEDA adjusted the growth targets for 2024 from 6.5 to 7.5 percent to 6 to 7 percent.

It was only last March 20 when the House voted 288-8-2 (yes-no-abstain) to pass on third and final reading the proposed economic Cha-cha, as embodied in Resolution of Both Houses (RBH) No.7. As the phrase implies, the current Cha-cha effort is only concerned with easing the restrictive economic provisions of the 37-year-old Constitution.

However, the Senate version, RBH No.6, remains pending at the subcommittee level.

Romualdez said if the country could grow by six percent this year, it would still be one of the fastest growing economies in the Asia-Pacific region.

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The Leyte 1st district representative pointed out that the Philippines had the distinction of being the fastest growing economy among ASEAN members in 2023, expanding at the rate of 5.6 percent.

The country was followed by Vietnam, which grew by 5.1 percent; Indonesia, 5 percent; Malaysia, 4 percent; Thailand, 2.5 percent; and Singapore, 1.2 percent.

“Coming from 5.6 percent, it should not be difficult for us to hit at least 6 percent this year. Our economy has been steadily expanding since President Marcos assumed office,” Romualdez said.

ASEAN stands for Association of Southeast Asian Nations.

Related Tags

Charter change Martin Romualdez economic growth
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