MANILA, Philippines 鈥� The 6.3 percent growth registered by the economy in the second quarter of 2024 proves that the current administration鈥檚 economic policies are functional, House of Representatives Speaker Ferdinand Martin Romualdez said on Thursday.
Romualdez in a statement attributed the 6.3 percent growth of the gross domestic product (GDP) to President Ferdinand Marcos Jr.鈥檚 policies and Congress鈥� support for it, adding that the House is optimistic this trajectory can be sustained.
鈥淭he 6.3 percent economic growth rate shows the effectiveness of President Bongbong Marcos鈥� 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,鈥� Romualdez said.
The Speaker also noted that several economic sectors grew significantly on a year-on-year basis, like industry and services, which increased by 7.7 percent and 6.8 percent, respectively.
鈥淎ng 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,鈥� he said.
(The increase in the sector of industry and service is very important as it gives us more job opportunities, which are crucial to our daily lives. The continuous growth of these sectors is another proof of the Filipinos鈥� trust in our economy and future.)
Albay 2nd District Rep. Joey Salceda, meanwhile, noted that the Philippine economy remained strong even as the global economic environment was hostile.
鈥淭he global environment remains very hostile to growth. Interest rates remain high and are nowhere near adjustment as cost of living remains unfavorable. And yet, the economy under President Marcos remains robust and, to some extent, immune from global conditions,鈥� Salceda said.
鈥淏eyond the headline number, what is notable is the sources of growth: on the supply side, construction grew the fastest at 16.0 percent. On the demand side, gross capital formation grew at a remarkable 11.5 percent. The shorthand for that is simple: investment. The private sector sees the continued growth potential of the Philippines and is locking in,鈥� he added.
Earlier, the Philippine Statistics Authority (PSA) reported that the economy grew by 6.3 percent in the second quarter 鈥� higher than the 5.8 percent growth posted in the first quarter of 2024.
This growth was within the government鈥檚 expectations of a 6 to 7 percent target for 2024. According to PSA, one top contributor to the growth was government spending, as construction grew by 16 percent year on year; wholesale and retail trade; repair of motor vehicles and motorcycles at 5.8 percent; and financial and insurance activities at 8.2 percent.
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With government spending expanding by 10.7 percent, Romualdez said it is another reflection of the administration鈥檚 commitment to public services and infrastructure development.
Still, Romualdez admitted that there is room for improvement.
鈥淥ur government鈥檚 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,鈥� he said.
鈥淗indi 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,鈥� he added.
(We are not turning a blind eye to the challenges in the agricultural sector. This administration is focused on providing sufficient assistance to our farmers and fisherfolk so that we can help them recover and progress.)
Salceda, meanwhile, also observed a decrease in the agricultural sector鈥檚 growth.
鈥淥ne source of concern is the decline in agriculture. Severe weather seems to have affected the Agriculture, forestry, and fishing sector, which posted a year-on-year decline of 2.3 percent. That is despite price increases in corn and poultry 鈥� which should have increased gross value-added. In other words, volumes of output seem to have suffered as a result of both El Ni帽o and heavy rains,鈥� Salceda explained.
鈥淚 am optimistic we will meet growth targets this year, although I strongly urge the government to continue to expedite spending and approvals for PPP (Public Private Partnership) projects. Overall, the prospects remain strong and positive despite global challenges,鈥� he added.
Romualdez, on the other hand, reiterated that they will be working with the Executive branch in terms of improving the lives of Filipinos.
鈥淲e 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,鈥� he said.
(Our focus is the strengthening of local industries and micro, small, and medium enterprises, and ensuring every Filipino will benefit from and feel the economic growth.)
鈥淟et us forge ahead, building on this unparalleled success, and strive for a future of greater prosperity and inclusivity for our nation,鈥� he added.
READ: Romualdez: PH economy resilient despite global slowdown, inflation to ease in coming years