Salceda: Marcos’ 1st year seen to notch the strongest GDP performance in region

The administration of President Ferdinand “Bongbong” Marcos, Jr. is showing multiple signs of strong economic growth, House ways and means panel chairperson Joey Salceda of Albay said Thursday.

Salceda made the remark after the Philippine Statistics Authority (PSA) reported that the country posted a 7.6% gross domestic product growth (GDP) in the third quarter. 

“All demand areas posted quarter-on-quarter growth, indicating that there is momentum for growth. The fourth quarter, a high-demand quarter due to Christmas spending and bonuses, will likely be better than this quarter. President Marcos’ first year in office will probably notch the strongest GDP performance in the region, and one of the best in Asia,” Salceda pointed out.

"OFW remittance figures jumped in August, near the end of the quarter. Data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances sent through banks stood at $2.72 billion in August, higher than the $2.60 billion a year earlier. The growth in remittances was the fastest since 4.4 percent in June which boosted household consumption," Salceda added.

Salceda then cited a 24.79 percent year-on-year growth in tax collections in September.

“This [24.79 percent year-on-year growth] is an indication that economic activity, the base of taxation, is getting stronger," Salceda said.

Salceda said the September jobs report showed the largest year-on-year jobs gainer in the manufacturing sector with 1.09 million jobs created.

“Manufacturing jobs growth tends to indicate positive macroeconomic fundamentals. In total, 4 million jobs were created year-on-year by September. Likewise, 1.5 million freelancers with foreign employers are not being accounted for in full in the national income accounts,” Salceda said.

"We can sustain this growth, especially given the Marcos administration’s shift from pandemic to endemic mode for COVID-19. Moving forward, the biggest threat to sustaining growth next year is still inflation. As I advised the President, it will still be food, feed, and fuel,” Salceda added.

House Speaker Martin Romualdez of Leyte said that the 7.6% economic growth proved that the Marcos administration’s policies were working.

"President Marcos’ silent hard work on uplifting the economy is beginning to work. The economic expansion in the months of July to September 2022 is proof of that," Romualdez said.

"I myself witnessed how the President engaged business stakeholders here and abroad with the purpose of moving forward from ravages caused by the COVID-19 pandemic. The House of Representatives will follow through with policies that will further build on this economic growth,” he added. —NB, GMA News