House legislative initiatives bring in encouraging economic results

By Filane Mikee Cervantes, Philippine News Agency

FILE: Before the House of Representatives adjourns session for a brief break Wednesday, Speaker Ferdinand Martin Romualdez lauded his colleagues for the impressive performance of the Chamber as reflected by their legislative accomplishments especially in the thorough scrutiny and prompt approval of the FY 2025 General Appropriations Bill which aims to address the urgent needs of the Filipino. (Photo: House of Representatives of the Philippines/Facebook)

MANILA – The House of Representatives’ legislative initiatives have brought in “encouraging results” in sustaining the country’s economic growth, according to Speaker Martin Romualdez.

In his speech before the adjournment of session on Wednesday night, Romualdez highlighted the role of Congress in formulating “vital pieces of legislation” aimed at poverty alleviation, agricultural productivity, food security, income growth, human capital development, and increased employment opportunities.

“I congratulate you all, not only for your tremendous understanding of the country’s development goals and priorities, but most importantly, for translating these goals and priorities to deliver tangible and beneficial changes to our constituents,” Romualdez said.

“We remain true to our objective to pursue an agenda for prosperity, and enable every Filipino to directly experience and equitably share in the gains brought by our collective and solid efforts.”

He cited the recent report by the National Economic and Development Authority (NEDA) that the country’s gross domestic product (GDP) has accelerated to 6.3 percent in the second quarter of this year, faster than the adjusted 5.8 percent growth rate recorded in the first quarter.

“This significant development brings our real GDP growth to six percent for the first half of the year, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024,” he said. “We are on our way as one of Asia’s best-performing major emerging economies.”

He said the Philippines is second to Vietnam, whose growth is estimated at 6.9 percent, but ahead of Malaysia (5.8 percent), Indonesia, (5.1 percent), and China (4.7 percent).

Amid the promising figures, Romualdez said the challenge remains in ensuring that these economic gains would be felt by most Filipinos, especially the poor.

“We could only claim genuine victory over our nation’s challenges when every Filipino benefits from the outcome of our legislative performance and the impact resonates in their lives,” he said.

Romualdez cited President Ferdinand R. Marcos Jr.’s emphasis on the need for economic growth to directly benefit ordinary citizens, stating that the government’s efforts to lower food prices, including reducing rice import tariffs, are showing positive results.

Romualdez recalled that he personally witnessed the decrease in the price of rice during a recent visit to three big public markets in Metro Manila.

He attributed the decrease to the “effective measures implemented by President Marcos to lower the prices of rice, stabilize food supply, and shelter consumers from price fluctuations.”

He was particularly referring Executive Order No. 62, signed by the President last June 20, which reduced the import tariff on rice from 35 percent to 15 percent.

Romualdez expressed optimism that the impending approval of amendments to the Anti-Agricultural Economic Sabotage Act would lead to stricter policies aimed at further reducing prices of agricultural products.