Romualdez backs growth agenda

Reelected Leyte 1st District Rep. Ferdinand Martin Romualdez said the 20th Congress must focus its legislative agenda on economic measures that will help the Philippines attain upper-middle income country (UMIC) status by 2025 or 2026.

Romualdez, who served as Speaker in the 19th Congress, echoed Finance Secretary Ralph Recto’s optimism that the country could meet the World Bank’s UMIC threshold — currently set at a gross national income (GNI) per capita of $4,496 — within the next two years.

Based on the World Bank’s latest classification as of 2024, the Philippines’ GNI per capita stands at $4,470.

“Achieving upper-middle income status is a meaningful milestone, but more important is ensuring that growth leads to tangible improvements in the lives of our people,” Romualdez said in a statement on Saturday.

He emphasized that the 20th Congress, set to open later this month, must prioritize legislation that boosts investments in infrastructure, digitalization, and human capital while improving public services and strengthening food security, healthcare and education.

These efforts, he said, are aligned with the Marcos administration’s vision for a “Bagong Pilipinas.”

The Marcos administration, in its 2024 Philippine Development Report, projected that the Philippines could achieve upper middle-income status by 2025 or 2026, citing strong economic performance and prudent fiscal management as key drivers.

Romualdez also emphasized the need to align the proposed P6.793-trillion 2026 national budget with the country’s development goals.

He emphasized that close coordination with the Department of Budget and Management is essential to ensure spending reduces poverty, addresses inequality, and improves access to public services.

This, he added, also ensures that the proposed P6.793 trillion national budget for 2026 becomes a strategic instrument in advancing the administration’s medium-term development goals.

“I will espouse legislative priorities that would help sustain this momentum,” Romualdez said.

“Our goal is to create a policy environment that supports job creation, raises incomes, and ensures that economic gains are felt across all sectors of society,” he added.

Romualdez then assured that the House, under his leadership and in partnership with the executive, would support the administration’s fiscal roadmap while remaining mindful of inflation risks and long-term sustainability.

“Sound budgeting and responsible legislation go hand in hand. The House is committed to supporting the executive’s fiscal roadmap and ensuring that resources are directed toward inclusive and sustainable development,” he said.

Romualdez also expressed confidence that the House would continue supporting the administration’s priority measures while keeping inflation risks and fiscal sustainability in check.