By Liza Soriano
SPEAKER Martin Romualdez expressed optimism regarding the Philippines’ economic outlook, citing a recent meeting with a team from the International Monetary Fund (IMF) that projected a substantial recovery in the second half of the year.
Romualdez emphasized that the IMF’s assessment was reassuring, indicating that the Philippine economy possessed the potential to rebound robustly in the latter half of 2023 and continue to experience accelerated growth in 2024.
This prediction comes against the backdrop of global economic concerns and potential slowdowns in 2023.
“The IMF’s positive forecast not only instills confidence but also underscores the resilience and dedication of our nation’s citizens. It reflects the effectiveness of the sound economic policies and reforms implemented during the administration of President Ferdinand R. Marcos, Jr.,” Romualdez stated.
He further urged everyone to draw inspiration from the IMF’s encouraging outlook, emphasizing the importance of redoubling efforts to revitalize the nation’s economy.
The Speaker’s office reported that the IMF team specifically acknowledged the forthcoming national budget for 2024, expected to be approved early, as well as various measures aimed at enhancing the country’s competitiveness in attracting foreign direct investments.
On Wednesday, the House of Representatives gave its approval on the third and final reading to the proposed 2024 budget of P5.768 trillion, with pending modifications to be addressed by a select committee.
This budgetary allocation marks a pivotal step toward achieving the economic recovery and growth envisioned by both Speaker Romualdez and the IMF. (ai/mnm)