Romualdez says ‘economy is in good hands’

MANILA, Philippines — The economy is in good hands under the current administration,  House Speaker Martin Romualdez said this on Friday following the announcement the day before of the 6.4-percent gross domestic product (GDP) growth in the first quarter of 2023.

Romualdez said that the high growth quarters of 2022 began during the administration of President Ferdinand Marcos Jr.

“The average economic expansion during that period is 7.07 percent, which is a respectable growth rate that is slightly higher than the median of last year’s growth target of 6.5 percent and 7.5 percent. So the economy is in good hands,” he said in a statement.

READ: 2022 GDP growth seen to have surged past 7%

According to Romualdez, the country’s first quarter growth performance is within target, and it is the middle of 2023’s expansion goal.

“The government will be the lead driver of economic activities and job and income generation,” he said.

The House Speaker also said the Philippines “was the star economic performer in the first quarter” among the Association of Southeast Asian Nations members plus China and India.

Citing a statement of National Economic and Development Authority Secretary Arsenio Balisacan, Romualdez said the country’s GDP growth outperformed those of Indonesia, China, and Vietnam.

He added that the country’s GDP growth is higher than the projections for Malaysia, India and Thailand.

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