Speaker Ferdinand Martin Romualdez hailed the 6.3 percent annual growth of the Philippine economy in the second quarter of 2024 as an “encouraging development”, and attributed this remarkable success to the strategic economic policies of President Ferdinand Marcos Jr. and the unwavering support of Congress.
The leader of the 300-plus-strong House of Representatives expressed his optimism about the country’s economic trajectory, highlighting the collaborative efforts between the executive and legislative branches as key drivers of this growth.
“The 6.3 percent economic growth rate shows the effectiveness of Marcos’ economic strategies and the solid legislative support of Congress. Our economy is steadily recovering and growing, creating more job opportunities and improved quality of life for Filipinos,” Romualdez said in a press release.
With the country’s GDP growth accelerating to 6.3 percent in the second quarter, Romualdez highlighted the impressive performance of various economic sectors, particularly industry and services, which posted year-on-year growth rates of 7.7 and 6.8 percent, respectively.
These sectors, he said, are crucial for job creation and daily economic activities.
Romualdez also noted the significant increase in household consumption, which rose by 4.6 percent, indicating a boost in consumer confidence and spending.
He pointed out that government spending surged by 10.7 percent, reflecting the administration’s commitment to public services and infrastructure development.
“Our government’s focus on infrastructure projects and public services is paying off. The substantial growth in government spending underscores our dedication to building a better future for all Filipinos,” Romualdez said.
The construction sector, a vital component of the economy, saw a meteoric rise of 16 percent, creating numerous jobs and laying down the foundation for long-term economic prosperity. Transportation and storage, along with other services, experienced significant growth of 14.8 percent and 10.5 percent, respectively.
Despite these gains, Romualdez acknowledged the challenges faced by the agriculture sector, which contracted by 2.3 percent due to the El Niño phenomenon. He reiterated the government’s commitment to supporting farmers and fishermen to ensure their resilience and productivity.
He also pointed out the 4.2 percent decline in exports, as he stressed the need to enhance the country’s global competitiveness.
“As we celebrate these achievements, we must also address the areas where we need to improve. Strengthening our global competitiveness is crucial to sustaining our economic growth,” the Speaker said.
Romualdez reaffirmed the House’s commitment to working closely with the executive branch to implement policies that will maintain and accelerate this growth momentum. “We stand united with the executive branch, determined to implement policies that perpetuate this growth momentum.”
He also expressed his confidence in the continued success of the economic policies and the resilience of the Filipino people. “These stellar economic indicators for the second quarter of 2024 are a testament to the indomitable spirit and diligence of the Filipino people, alongside the strategic economic policies of President Bongbong Marcos and the legislative support of Congress.” ||
