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House vows to work harder to boost economy

By Zaldy De Layola

December 29, 2022, 4:46 pm Updated on December 29, 2022, 7:37 pm

<p><em>(File photo)</em></p>

(File photo)

MANILA – House Speaker Martin G. Romualdez on Thursday said the House of Representatives will do its mandate double-time next year to ensure that the country’s positive economic momentum will continue and be successfully translated into comfort of every Filipino.

This, as the lawmakers welcomed the good news from Department of Finance (DOF) Secretary Benjamin Diokno who said the worst is over for the Philippines and betters years are expected.

Romualdez said the country’s economic recovery from the Covid-19 pandemic definitely inspires lawmakers to legislate more laws needed to further boost the economy and improve the living condition of the Filipino people.

Last Wednesday, Diokno projected faster economic growth for the Philippines in 2023 despite a looming global recession.

Diokno said the Philippines is still expected to have one of the highest growth rates among six Association of Southeast Asian Nations (ASEAN) member economies next year.

“Many institutions and experts have predicted a global recession in 2023, and consequently, downgraded Philippine gross domestic product (GDP) outlook to less than 6 percent,” Diokno said. "But an average GDP growth of 6.5 percent is nothing to be sneezed at: it is still one of the highest, if not the highest, growth rates among ASEAN+6 economies.

Diokno cited nine reasons for his optimistic projections for the country’s economy’s growth in 2023, four of which were the direct result of acts of Congress, namely: the early approval of the 2023 national budget; early adoption of the first-ever Medium-Term Fiscal Framework (MTFF) for 2023-2028; a more favorable economic environment that removed barriers to foreign investments; and a strong commitment to expand the “Build, Build, Build” program with enhanced private sector participation.

Romualdez extended his gratitude to his fellow lawmakers for acting swiftly on vital legislative measures, which Diokno cited among the major reasons for optimism in the country’s strong economic performance.

It could be recalled that last Aug. 1, the House adopted Concurrent Resolution No. 2, supporting President Ferdinand R. Marcos Jr.’s 2023-2028 MTFF.

The House approved its version of the 2023 national budget on Sept. 28 and ratified the bicameral conference committee report on Dec. 5.

Signed by Marcos last Dec. 16, Romualdez noted that it was the only budget in recent memory to have been signed in mid-December.

Amendments to the Retail Trade Liberalization Act, Foreign Investments Act and Public Services Act during the 18th Congress shepherded the passage of its enactment into laws by Romualdez who served as the House majority leader.

Diokno also cited the swift approval of the Philippine Development Plan 2023-2028, the strong international credit profile of the country, a stable and resilient banking system, adequate buffers against external headwinds as well as a young, tech-savvy and mostly English-speaking labor force, among the factors that bode well for the growth prospects of the economy in 2023.

To help sustain such a growth trajectory, Romualdez vowed to pass the remaining 12 priority measures of Marcos when Congress resumes sessions on Jan. 23, 2023.

The 12 remaining priority bills include the enactment of an enabling law for the Natural Gas Industry; amendments to the Electric Power Industry Reform Act (EPIRA); the Unified System of Separation, Retirement and Pension; the E-Governance Act and E-Government Act; the National Land Use Act; the National Defense Act; the National Government Rightsizing Program; the Budget Modernization Bill; the Department of Water Resources; establishing the Negros Island Region; Magna Carta for Filipino Seafarers; and the establishment of regional specialty hospitals.

Before the House adjourned for the Christmas break, the House passed pro-people measures, including the Maharlika Investment Fund (MIF), the PHP5.268-trillion national budget for 2023 and 20 other priority bills of the Marcos administration, 19 of which were included in the common legislative agenda (CLA) adopted by the Legislative-Executive Development Advisory Council (LEDAC).

Romualdez said the House looks forward to the enactment of the 19 priority bills under the CLA that it has passed on third and final reading.

These include Passive Income and Financial Intermediary Taxation Act or PIFITA (The fourth package under the Comprehensive Tax Reform Program or CTRP); Virology Institute of the Philippines; Agrarian Reform Debts Condonation; Philippine Passport Act; Waste-to-Energy Bill; National Disease Prevention Management Authority or Center for Disease Control and Prevention; Medical Reserve Corps (HEART); Internet Transaction Act / E-Commerce Law; Leyte Ecological Industrial Zone; Eastern Visayas Development Authority (EVDA); Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery (GUIDE) bill; Free Legal Assistance for Police and Soldiers; Public–Private Partnership (PPP) Act; Magna Carta of Barangay Health Workers; Real Property Valuation Reform Bill; Apprenticeship Act; and National Citizens Service Training Program (NCSTP).

Two of the 19 measures under the CLA have been signed into law by the President namely, Republic Act 11934 or An Act Requiring Registration of Subscriber Identification Module (SIM) and RA 11935 or An Act Postponing the December 2022 Barangay and Sangguniang Kabataan Elections to October 2023.

Pandemic exit strategy

BHW party-list Rep. Angelica Natasha Co said the HEART bill and Virology Institute of the Philippines bills would contribute to the country's pandemic exit strategy and help achieve the post-pandemic "new normal".

“The HEART bill used to be the medical corps bill. Now with this HEART bill the response team will include not just doctors, but other health professionals and public health-trained people as well,” she said.

She said the bill seeking to establish a virology and vaccine research institute that would primarily focus on the key science and technology applications in the development of vaccines for viruses and other pathogens.

While supporting the extension of the pandemic state of calamity and lauding the issuance of the emergency use authorization for the new bivalent Covid-19 booster vaccines, she said she is still expecting more details regarding the Department of Health's Covid-19 exit strategy.

“In much the same way that the community quarantine restrictions were lifted gradually by region, I believe the pandemic state of calamity should also follow a gradual, regional lifting starting with regions where there are no more or very few new Covid cases," she said.

"Only when all regions are no longer under local state of calamity, should the national state of calamity be lifted based on key metrics. This transition approach could give DOH enough time to administer the bivalent boosters to at least 80 percent of the country’s total population,” she added.

Co said the House of Representatives should also focus on strengthening the health personnel working at the grassroot level with the approval of two magna cartas.

“Next in line are the proposed Magna Carta for Day Care Workers and Magna Carta for Barangay Nutrition Scholars which are key to securing social justice for the concerned two groups of health personnel working hard at the barangay level,” she said. (with reports from Filane Cervantes/PNA)

 

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