House OKs resolution on Marcos admin's fiscal framework

RG Cruz, ABS-CBN News

Posted at Aug 01 2022 11:57 PM

MANILA - The House of Representatives has approved House Concurrent Resolution backing the medium term fiscal framework of the Ferdinand Marcos Jr. administration.

The vote came after a grueling interpellation of its principal sponsor, Marikina 2nd District Rep. Stella Quimbo by Albay 1st District Rep. Edcel Lagman, ACT Teachers Rep. France Castro, Gabriela Rep. Arlene Brosas and Kabataan Rep. Raoul Manuel.

The resolution would express the House and eventually the Senate’s support for the macroeconomic objectives of the 2022-2028 Medium-Term Fiscal Framework of the National Government and the proposed strategies of the economic managers, as follows:

  • Near-term socioeconomic agenda which will continue to implement risk-managed interventions in areas of food security, transport and logistics, energy, fiscal management, health, education, social protection, and bureaucratic efficiency, to ensure the unimpeded and adequate delivery of social services, mitigate inflation pressures, accelerate economic recovery, and address economic scarring; and
  • Medium-term socioeconomic agenda which will create more, high-quality, and green jobs for Filipinos.

It also stated that the legislative agenda shall be guided by targets set ni the 2022-2028 Medium-Term Fiscal Framework, as follows;

  • 6.5-7.5% real GDP growth in 2022
  • 6.5-8% real GDP growth annually between 2023 to 2028- 9% or a single-digit poverty rate by 2028
  • 3% National Government deficit to GDP ratio by 2028
  • Less than 60% National Government debt-to-GDP ratio by 2025
  • At least $4,256 gross national income per capita to attain upper middle- income status

It would also recognize the importance of a fiscal consolidation and resource mobilization plan, to include measures such as rightsizing of government structures and personnel, and encouraging localized investment and growth programs.

Likewise it would prioritize legislative measures that are consistent with the long-term socioeconomic vision as embodied in Ambisyon Natin 2040, as well as the 2022-2028 Medium-Term Fiscal Framework.

During the interpellation, Quimbo clarified the non-binding resolution simply adopts global best practices. She also said it would not affect the deliberations on the 2023 National Budget.

"It is important that Congressional initiatives are aligned with the economic recovery programs of the national government," Quimbo said in her sponsorship speech.

Quimbo explained that the MTFF is a comprehensive document that outlines a holistic and comprehensive policy direction for our country, both in the immediate and medium-term. 

Quimbo said it contains an 8-point Socioeconomic Agenda aimed towards immediate job creation and poverty reduction. These include the following: attaining food security, reduction of transport and logistic costs, reduction of energy cost to families, addressing public health concerns, strengthening of social protection programs, return to Face-to-Face classes, Enhanced bureaucratic efficiency, and sound fiscal management.

The resolution was adopted without amendments. It was authored by Speaker Martin Romualdez, Majority Leader Manuel Jose Dalipe and Minority Leader Marcelino Libanan.