Leyte Rep. Martin Romualdez, a staunch constitutionalist, at a gathering hosted by the Philconsa, of which he is President. INQUIRER file photo
MANILA, Philippines鈥揕eyte Representative-elect Martin Romualdez is appealing to his fellow legislators to 鈥渆mbrace the call for unity鈥� and 鈥渟et aside politics in the meantime鈥� in order to ensure the country鈥檚 high and sustainable economic growth performance.
鈥淭he election is over. I am appealing for political ceasefire as this is the time for all Filipinos, including legislators, to embrace the call of unity,鈥� said Romualdez, president of Lakas-CMD and a contender for the Speakership post to be vacated by Speaker Gloria Macapagal-Arroyo.
鈥淲e have no choice but to set aside politics in the meantime if we are to move the country鈥檚 economy forward. Sayang ang momentum natin kung masisira lang ng pulitika,鈥� said Romualdez, a lawyer and president of the Philippine Constitution Association (Philconsa).
Romualdez proposed that all legislators seeking the Speakership post sign a covenant declaring their commitment to support President Rodrigo Duterte鈥檚 priority bills, particularly those that are needed to sustain the economic growth momentum.
鈥淭he groundwork for fiscal reform has been set. President Duterte鈥檚 fiscal reform is expected to take our economy to the next level of development,鈥� Romualdez pointed out.
鈥淚f we achieve the administration鈥檚 target of reducing poverty incidence to 14 percent by 2022, our country鈥檚 collective economic managers would have, in just two decades from 2001 to 2022, reduced poverty from 39% to 14%. This would be a collective achievement our generation can be proud of,鈥� he added.
Romualdez, a banker, said economic experts are unanimous in their bullish reading of the Philippine economic prospects and some are expecting the total size of the Philippine economy to double between 2018 and 2026.
Only last month, the Leyte lawmaker noted that the Japan Credit Rating Agency Ltd. (JCR) decided to revise its investment grade credit rating outlook for the Philippines upward, from 鈥渟table鈥� to 鈥減ositive.鈥�
According to JCR, the Philippines鈥� BBB+ ratings mainly reflect the country鈥檚 high and sustainable economic growth performance.
Also last month, market intelligence firm IHS Markit said the Philippines鈥� continuous growth of above 6 percent over the last seven years is likely to be sustained.
鈥淪trong GDP growth is projected to continue over the medium term, with the total size of the Philippines economy expected to double between 2018 and 2026,鈥� IHS Markit鈥檚 chief economist was quoted as saying in the report.
The economic experts, according to Romualdez, attribute the healthy economic performance of the Philippines to President Duterte鈥檚 ambitious program of high growth and infrastructure modernization.
鈥淲e are on the right track but this should not lull us to complacency. We have a lot of work to do, particularly in enacting economic measures included in the President鈥檚 legislative agenda,鈥� Romualdez said.
鈥淭o do this, the House of Representatives must stand united behind the President鈥檚 vision for economic takeoff and work double-time on his priority economic measures. Every minute is important. There is no time for political bickerings,鈥� he added. (Editor: Jonathan P. Vicente)