(Photo courtesy of House Press and Public Affairs Bureau)

MANILA – The House of Representatives on Monday adopted a resolution supporting the Marcos administration's 2022-2028 Medium-Term Fiscal Framework (MTFF) that would serve as an "anchor" for the annual spending and financing plan of the national government and for Congress when preparing the annual budget.

During the plenary session, the chamber adopted House Concurrent Resolution No. 2, which aims to attain short-term macro-fiscal stability while remaining supportive of the economic recovery and promoting medium-term fiscal sustainability.

Marikina City Representative Stella Quimbo, in her sponsorship speech, said the MTFF is a comprehensive document that outlines a holistic and comprehensive policy direction for the country, both in the immediate and medium-term.

Quimbo said the MTFF contains an 8-point socio-economic agenda aimed towards immediate job creation and poverty reduction.

She also emphasized the need to address the rising prices of commodities, as well as the "scarring" caused by the coronavirus disease (Covid-19) pandemic.

"This is exactly the objective of the MTFF: in the short run, keep the macroeconomy stable and provide adequate social services; in the medium term, generate 'more jobs, quality jobs, green jobs'... Ang panawagan ng marami: hanapbuhay na maglalagay ng pagkain sa mesa at mag-aangat ng pamilya mula sa kahirapan (Many are calling for jobs that would bring food on the table and uplift the lives of families from poverty)," she said.

The authors of the concurrent resolution are Speaker Martin Romualdez, Zamboanga City Rep. Manuel Jose "Mannix" Dalipe and House Minority Leader and 4PS party-list Rep. Marcelino Libanan.

The resolution aims to consolidate the national government's resources so that these are mobilized and utilized to gain the maximum benefit and high multiplier effects for the economy.

The framework specifically lays down near-term socioeconomic agenda which will continue to implement risk-managed interventions in areas of food security, transport and logistics, energy, fiscal management, health, education, social protection, and bureaucratic efficiency, to ensure the unimpeded and adequate delivery of social services, mitigate inflation pressures, accelerate economic recovery, and address economic scarring.

It also aims for medium-term socio-economic agenda which will create more, high-quality, and green jobs for Filipinos.

“The recent past and the Covid-19 pandemic has beset the macroeconomic environment with challenges and a series of external shocks. Inflation has accelerated in recent months due largely to significant increases in international prices of oil and key commodities,” the resolution stated.

“Still, the economic growth momentum remains firm as demonstrated by the strong 2022 first quarter gross domestic product (GDP) growth at 8.3 percent. However, the recovery process from the impact of the pandemic is still ongoing amid elevated uncertainty in the international economic environment," it added.

Romualdez said the legislative agenda shall be guided by targets set in the 2022-2028 MTFF which are: (1) 6.5-7.5 percent real GDP growth in 2022; 6.5-8 percent real GDP growth annually between 2023 to 2028; (2) 9 percent or a single-digit poverty rate by 2028; (3) 3 percent National Government deficit to GDP ratio by 2028; (4) Less than 60 percent National Government debt-to-GDP ratio by 2025; (5) At least USD4,256 gross national income per capita to attain upper middle-income status.

The House also committed to prioritize legislative measures that are consistent with the long-term socioeconomic vision as embodied in Ambisyon Natin 2040, as well as the 2022-2028 Medium-Term Fiscal Framework, "for a prosperous society, consistent with the achievement of macroeconomic stability and inclusive economic development, while continuing to allocate resources for health, disaster risk management, food and social security, digital economy, local government support, private sector participation and growth-inducing expenditures.”

The Medium-Term Fiscal Framework shall be subject to review and shall be updated in three years, or in 2025, prior to the 20th Congress, to reflect current economic conditions and developments, according to the resolution. (PNA)