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House, DOF execs meet over admin's goal to reduce poverty, other fiscal plans

House leaders on Thursday met with Finance Secretary Benjamin Diokno and officials of the Finance Department's attached agencies to discuss the Marcos administration's Medium-Term Fiscal Framework's (MTFF) goals, among them reducing poverty incidence to 9% by 2028.

"We had a brief discussion on the Medium-Term Fiscal Framework designed by the administration of Ferdinand Marcos, Jr. The House leaders reiterated our chamber’s decision, as contained in House Concurrent Resolution No. 2, to extend full support to the six-year fiscal plan," said Speaker Martin Romualdez in a statement.

Aside from Romualdez, also present during the meeting were House Majority Leader Manuel Dalipe of Zamboanga City, House Deputy Speaker Ralph Recto of Batangas, House Ways and Committee Chairman Joey Salceda of Albay, and House Appropriations panel chair Elizalde Co of Ako-Bicol party-list, among others.

"We agree on one thing: the MTFF should be a fiscal consolidation and resource mobilization plan. The objective: in the short run, keep the macroeconomy stable and provide adequate social services; in the medium term, generate “more jobs, quality jobs, green jobs," Romualdez said.

He described the meeting with Diokno as "a fruitful one" and hoped to conduct future consultations with him in the coming days.

Other goals of MTFF include:

  • 6.5-7.5 % real GDP (Gross Domestic Product) growth in 2022
  • 6.5-8% real GDP growth annually between 2023 to 2028
  • 3% national government deficit to Gross Domestic Product ratio by 2028
  • less than 60% national government debt-to-GDP ratio by 2025
  • at least $4,256 gross national income per capita to attain upper middle­ income status

House Appropriations panel vice chair and Marikina Representative Stella Quimbo earlier said the MTFF goals are doable.

"These projections are well-founded and could be discussed more in detail during the budget deliberations," she said.  —KBK, GMA News