A SPECIAL Senate committee will prioritize calibrated policy interventions to accelerate spending to stimulate the economy following the “dismal” 2.1% gross domestic product (GDP) growth rate in the third quarter, Senate President Sherwin T. Gatchalian said on Monday.
“The dismal 2.1% GDP growth in the 3rd quarter demands a need for an aggressive pump priming of the local economy,” Mr. Gatchalian said in a statement.
It is the Philippine economy’s weakest performance since the COVID-19 pandemic, when GDP saw a 3.8% contraction in the first quarter of 2021.
Mr. Gatchalian linked the slowed growth to elevated energy costs and the very strong El Niño’s impact on local productivity.
In response, the Senate president said the ad hoc Committee on Reinvigorate Investment and Sustainable Economic Growth will focus on accelerating spending, particularly on much-needed infrastructure projects, and to prioritize social protection programs for vulnerable sectors.
The Senate will also prioritize funding line items in the proposed budget that will have a positive impact on the daily lives of ordinary Filipinos, he added, saying there should be no more excuses when it comes to addressing citizens’ needs. — Francessca S. Abalos