According to Romualdez says PH can still attain 6% GDP targets for 2023 (inquirer.net), holiday spending is expected to play a major role in the country's potential to reach the planned six percent GDP growth rate in 2023, according to House Speaker Ferdinand Martin Romualdez.
In a statement released on November 9, House Speaker Ferdinand Martin Romualdez stated that the country could be able to meet its goals if more money is spent over the Christmas season and more money is given out by the government to finish projects for the year.
The third quarter of 2023 had 5.9 percent growth in the GDP, according to the Philippine Statistics Authority (PSA), which is when the Speaker made this statement.
According to Romualdez says PH can still attain 6% GDP targets for 2023 (inquirer.net), the nation's average growth for the year to far was just 5.5 percent, despite the fact that this growth was greater than the 4.3 percent rate recorded for the Q2 of this year.
Growth rate projections for 2023 had already been lowered to between 6.0 and 7.0 percent.
Conversely, according to Romualdez says PH can still attain 6% GDP targets for 2023 (inquirer.net), Romualdez stated that the House would not think twice about using its oversight authority to keep an eye on agency expenditures.
The Speaker stated that the government has to start spending more quickly since the country's economy needs to grow by 7.2 percent in the fourth quarter in order to meet the 6.0 percent objective, according to Arsenio Balisacan , the Socioeconomic Planning Secretary.
Given that the nation's economy expanded more quickly under President Ferdinand Marcos Jr.'s leadership, he argued, this is understandable.
In line with Romualdez's demand for increased government expenditure, Representative Joey Salceda of the Albay 2nd District stated that the nation could maintain its current rate of economic expansion with the help of the government's catch-up strategy.
Salceda, an economist by trade, according to Romualdez says PH can still attain 6% GDP targets for 2023 (inquirer.net), claims that since the Barangay and Sangguniang Kabataan Elections (BSKE) relaxed the expenditure prohibition, government agencies shouldn't be spending excessively.
According to Romualdez says PH can still attain 6% GDP targets for 2023 (inquirer.net), The Philippine Daily Inquirer revealed on August 30 that growth estimates had been further lowered due to elevated rates of inflation, which are anticipated to negatively impact Philippine production.
Romeo Bernardo and Marie Christine Tang's report for GlobalSource Partners states that the GDP growth prediction for the Philippines for this year has been lowered to 5.2 percent.
According to Romualdez says PH can still attain 6% GDP targets for 2023 (inquirer.net), Eli Remolona Jr., the governor of Bangko Sentral ng Pilipinas (BSP), stated that month that they anticipate the economy to pick up speed and reach the six percent objective.
