Quimbo says this Marcos administrative plan will further boost economic recovery – Manila Bulletin

The Marcos administration’s planned expansion of “ayuda” or subsidy programs is a way to help the country’s economic recovery, Marikina City 2nd District Representative Stella Quimbo said Sunday (November 13th).

Marikina City 2nd District Representative Stella Quimbo (Ellson Quismorio/MANILA BULLETIN)

“We welcome these developments. Despite high inflation in the third quarter of 2022, we saw production growth in the same quarter. On the supply side, all sectors progressed. At the same time, domestic demand has remained robust,” said Quimbo, senior vice chairman of the House Committee on Appropriations.

Quimbo was referring to the 7.6% growth in gross domestic product (GDP) recorded in the third quarter of 2022. This was the first full quarter of the administration of President Ferdinand “Bongbong” Marcos Jr.

“At this point, the best defense against inflation is to expand domestic production. The government has provided fuel and fertilizer subsidies to boost agricultural production. We should consider expanding this program to better support our producers,” she said.

Incidentally, the administration of President Ferdinand “Bongbong” Marcos Jr. is considering providing grants and cash assistance worth 206.50 billion pesos under the proposed national budget for 2023 with the aim of support vulnerable sectors in the context of soaring commodity prices caused by global inflation.

The DSWD will receive a large portion of the budget, with 165.40 billion pesos to be allocated for the implementation of various social assistance programs.

Other agencies like the Department of Health (DOH), Department of Labor and Employment (DOLE), and Agriculture Development (DA) will also receive their share of the grant pie.

Quimbo explained that providing assistance to affected sectors is a way for the government to increase spending.

“This allows for increased consumption and welfare, especially when targeting the most vulnerable sectors. We see the value in providing immediate assistance to qualified Filipinos through programs such as DSWD’s Crisis Assistance Program or AICS,” she noted.

Quimbo believed that in the long run, there is a need to improve the productivity of the domestic agricultural sector and boost the Philippine industry to reduce our country’s exposure to global price volatility and supply shocks. world.

“Nevertheless, the most immediate solution is to increase imports to meet the most pressing domestic needs,” she said.

“Although the depreciation of the peso has been raised as a concern by some sectors, it may be an opportunity for exporters to increase their sales. In fact, exports rose 13.1% in the third quarter. As the economy slowly reopens, we should exploit the existing advantage of sectors that stand to gain from a weakened peso, such as tourism and export industries,” the solon ranking explained.

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