SPEAKER Ferdinand Martin G. Romualdez on Thursday hailed the 6.3 percent annual growth of the Philippine economy in the second quarter of 2024 as an “encouraging development,” as he attributed this remarkable success to the strategic economic policies of President Ferdinand “Bongbong” R. 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 President Bongbong 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,” Speaker Romualdez said.
With the country’s GDP growth accelerating to 6.3% in the second quarter, Speaker 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%, respectively.
These sectors, according to the House chief, are crucial for job creation and daily economic activities.
“Ang pag-angat ng sektor ng industriya at serbisyo ay napakahalaga dahil nagbibigay ito ng maraming trabaho na importante sa ating pang-araw-araw na buhay. Ang patuloy na paglago ng mga sektor na ito ay patunay ng tiwala ng mga Pilipino sa ating ekonomiya at sa kinabukasan ng bansa,” he said.
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,” he 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, Speaker 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.
“Hindi namin ipagwawalang-bahala ang mga hamon sa sektor ng agrikultura. Ang administrasyong ito ay nakatuon sa pagbibigay ng sapat na suporta sa ating mga magsasaka at mangingisda upang matulungan silang makabangon at umunlad,” the House leader said.
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,” he 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. Ang aming pokus ay nasa pagpapalakas ng lokal na industriya, pagpapalakas ng mga maliliit at katamtamang negosyo, at pagtiyak na ang benepisyo ng paglago ng ekonomiya ay maramdaman ng lahat ng Pilipino,” he said.
Romualdez expressed his confidence in the continued success of the nation’s 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,” he said.
“Let us forge ahead, building on this unparalleled success, and strive for a future of greater prosperity and inclusivity for our nation,” the Speaker concluded.
