SP Sherwin Gatchalian Speaks on ‘Weak Growth’ of PH Economy in Recent Quarters
SHERWIN GATCHALIAN – The Senate President revealed that the chamber is set to launch a new committee that will help in uplifting the Philippine economy.
The Philippine economy is facing a lot of challenges. The series of oil price hikes has undeniably affected the costs of a lot of products and services in the country including food and pump prices.
In February this year, amid the impeachment moves against him, Malacañang said that Pres. Bongbong Marcos is not worried about getting impeached. According to Palace press officer undersecretary Claire Castro, Marcos Jr. is worried about the economy of the country.
“Nababahala po ang Pangulo sa impeachment complaint na isinampa sa kaniya hindi para sa sarili niya dahil alam niya na wala siyang ginawang mali… Nag-aalala siya sa epekto nito sa ekonomiya,” Castro said.
In April, Pres. Bongbong Marcos declared April 10 to 16 of every year as “Economy, Planning, and Development Week” in the Philippines and April 10 as “DEPDev Day”. His declaration came amid the surging oil prices in the country which was an impact of the tension between the United States and Iran.
Several oil reserves were damaged amid the tension between the two (2) countries over the control in the Strait of Hormuz. The closure of the Strait also affected the international oil flow causing the oil prices to spike.
The DEPDev is meant to lead the observance of the Economy, Planning, and Development Week. In addition, the DEPDev, formerly NEDA, is responsible for identifying and organizing the programs, activities, and projects that will form part of the celebration.
Recently, another branch of the government showed eagerness to help boost the Philippine economy. Senate Pres. Sherwin Gatchalian announced that the chamber will launch a committee that will specifically look into the revival of the country’s economy.
Based on a report on ABS-CBN News, Senate Pres. Sherwin Gatchalian said they plan to launch the committee for the Philippine economy’s revival next week. According to the Senate Chief, the committee will be called Reinvigorate Investment and Sustainable Economic Growth (RISE) Ad Hoc Committee.
Gatchalian said the chairpersons from various Senate committees will join this new committee that will discuss the ways on how to help uplift the economy of the country. Based on the report, the Senate Chief cited a “weak growth” of the country’s economy at the event organized by the Management Association of the Philippines.
“We’re expecting recommendations to the executive, recommendations on legislation, budget allocations to certain programs, for example MSMEs, so yun mga expectations namin,” the Senate President said.
Previously, during the first of May when Labor Day is celebrated in the country, Vice Pres. Sara Duterte had a message for the Filipino workers who she hailed as the ‘driving force of the economy’.
