Romualdez lauds signing of ‘pro-poor’ 2020 budget

In a statement, Romualdez said the 2020 budget priorities include social services, peace and security, and infrastructure to support the administration’s Build, Build, Build program. (File Photo: Martin Romualdez/Facebook)

MANILA— House Majority Leader Martin Romualdez on Monday welcomed the signing into law of a ‘pro-poor’ national budget for 2020 that will carry President Rodrigo Duterte’s commitment of social payback to give Filipinos a comfortable life.

In a statement, Romualdez said the 2020 budget priorities include social services, peace and security, and infrastructure to support the administration’s Build, Build, Build program.

“The huge allocation for social services carries the President’s programs to create more jobs, generate investments, better access to health care, free education, and other basic social services,” Romualdez said.

The House leader assured that the national budget has no pork, no parking, and no delay, as he expressed optimism that the new law would help meet the country’s economic target of 6.5 percent to 7.5 percent growth for 2020.

“With democracy at work in the House under the leadership of Speaker Alan Peter Cayetano, we managed to craft a national budget that is truly a collaborative product of hard-working legislators,” he said.

Romualdez said the House leadership would continue to push for the passage of key pieces of legislation to “sustain and accelerate the economic growth momentum for the benefit even of ordinary Filipinos.”

He noted that the lower chamber has already approved on third and final reading the measure amending the Foreign Investment Act of 1991, the Passive Income and Financial Intermediary Taxation Act (PIFITA), and the Corporate Income Tax and Incentive Rationalization Act (CITIRA) to promote the country as a viable investment destination.

“These bills are important parcels of the Comprehensive Tax Reform Program (CTRP) that is required to help reach the A Credit Rating goal of the Duterte administration,” he said.