‘Makes sense for economic team to review midterm plan’

A SENIOR lawmaker on Monday said the decision of President Ferdinand R. Marcos Jr.’s economic team to review and evaluate the government’s medium-term macroeconomic assumptions and fiscal program, and growth targets for FY 2022 to 2028 is a sensible move to address the economic challenges the country faces.

Davao City Rep. Isidro Ungab said the economic team’s pronouncements on the newly updated medium-term macroeconomic assumptions, fiscal program, and growth targets for 2022 to 2028, while underscoring the administration’s priorities and fiscal strategy—including the domestic developments and external pressures —will. serve as a guide not only to the government but to economists, businesses, and stakeholders in accelerating economic growth.

Also, Ungab said the Department of Finance’s recently unveiled the Medium-Term Fiscal Framework (MTFF) is very promising, as he urged lawmakers to support the President’s economic and fiscal agenda.

“I believe this will be our country’s pivotal point towards the trajectory of resilient economic recovery. This Medium-Term Fiscal Framework and the government’s updated medium-term macroeconomic assumptions and fiscal program are what we need to guide us during these difficult times. I fully agree with the PBBM administration that this is a good game plan in facing the challenges wrought by the pandemic, the ongoing geopolitical conflicts, and the high inflation rate, among others,” Ungab said.

He cited the significance of having a well-crafted economic framework and fiscal program geared towards “achieving inclusive and sustainable development, responsive to the aspirations of the Filipino people.”

The MTFF’s goals are: reducing the deficit, promoting fiscal sustainability, and enabling robust economic growth, which all coincide with the objectives of the updated medium-term macroeconomic assumptions and fiscal program, ie the creation of more quality jobs, reducing poverty incidence, and achieving inclusive and resilient growth within the term of the President until 2028.

“For our part, Congress ought to support the President’s economic agenda by passing laws essential to rebuilding the economy, spurring the creation of jobs, encouraging MSMEs, and reducing poverty,” Ungab said.

Ungab anticipates that the first expenditure plan or the 2023 expenditure program of the national government will already be aligned with the updated MTFF.

Ungab earlier suggested the updating of the country’s Medium-Term Philippine Development Plan (MTPDP) for 2023-2028, which becomes one of the bases for budgeting the expenditures in the coming months and years of Marcos administration.

Image credits: BBM Media Bureau

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