NEDA says 10 reforms needed to boost PH economy | ABS-CBN
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NEDA says 10 reforms needed to boost PH economy
NEDA says 10 reforms needed to boost PH economy
MANILA -- National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Tuesday urged the passage of 10 economic measures to sustain the country's economic growth during the opening of the Senate Finance Committee's deliberations on the 2025 Budget.
MANILA -- National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan on Tuesday urged the passage of 10 economic measures to sustain the country's economic growth during the opening of the Senate Finance Committee's deliberations on the 2025 Budget.
Balisacan's presentation to the panel listed the following measures:
Balisacan's presentation to the panel listed the following measures:
-Reforms to Philippine Capital Markets
-Archipelagic Sea Lanes Act
-Amendments to the Right-of-Way Act
-Excise Tax on Single-Use Plastics
-Rationalization of the Mining Fiscal Regime
-Amendments to the Electric Power Industry Reform Act (EPIRA)
-Department of Water Resources
-CREATE MORE Act
-Amendments to the Foreign Investors’ Long Term Lease Act
-Amendments to the Rice Tariffication Law.
-Reforms to Philippine Capital Markets
-Archipelagic Sea Lanes Act
-Amendments to the Right-of-Way Act
-Excise Tax on Single-Use Plastics
-Rationalization of the Mining Fiscal Regime
-Amendments to the Electric Power Industry Reform Act (EPIRA)
-Department of Water Resources
-CREATE MORE Act
-Amendments to the Foreign Investors’ Long Term Lease Act
-Amendments to the Rice Tariffication Law.
"Political reforms are needed to sustain the country's economic growth over the medium to long term. In this regard, we are optimistic about the passage of the following top priority bills identified by the Legislative Executive Development Advisory Council or LEDAC." Balisacan said.
"Political reforms are needed to sustain the country's economic growth over the medium to long term. In this regard, we are optimistic about the passage of the following top priority bills identified by the Legislative Executive Development Advisory Council or LEDAC." Balisacan said.
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"We deem these measures critical as we build on past reforms and further enforce the country's economic governance, accelerate the implementation of infrastructure projects and fiscal sustainability to support long-term growth," he added.
"We deem these measures critical as we build on past reforms and further enforce the country's economic governance, accelerate the implementation of infrastructure projects and fiscal sustainability to support long-term growth," he added.
Earlier in the briefing, Balisacan said that the Development Budget Coordination Committee has maintained the economic growth targets of 6-7 percent for 2024, 6.5-7.5 percent for 2025 and 6.5-8 percent for 2026-2028.
Earlier in the briefing, Balisacan said that the Development Budget Coordination Committee has maintained the economic growth targets of 6-7 percent for 2024, 6.5-7.5 percent for 2025 and 6.5-8 percent for 2026-2028.
"Given the latest GDP outturn of 6.3 percent in the 2nd quarter the economy needs to grow by at least 6 percent in the 2nd half of the year to meet the low end growth target of 6 percent for 2024.
"Given the latest GDP outturn of 6.3 percent in the 2nd quarter the economy needs to grow by at least 6 percent in the 2nd half of the year to meet the low end growth target of 6 percent for 2024.
"Meeting the low end of the target will keep the country on track to becoming an upper middle income country by 2025, provided that the other macroeconomic targets are also achieved," Balisacan said.
"Meeting the low end of the target will keep the country on track to becoming an upper middle income country by 2025, provided that the other macroeconomic targets are also achieved," Balisacan said.
"For example, the average foreign exchange rate during that period does not exceed P58-$1," he added.
"For example, the average foreign exchange rate during that period does not exceed P58-$1," he added.
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