Press Release
November 14, 2022

2023 budget, agri to fuel economic growth momentum - Villanueva

Senate Majority Leader Joel Villanueva said that the government should not waste any opportunity to sustain the positive momentum of the growth of the Philippine economy.

Villanueva made this statement following the news from the Philippine Statistics Authority that the Philippine economy is growing faster than expected with a third quarter growth of 7.6 percent for the country's gross domestic product (GDP).

The Senate Majority Leader said that the "economic revival is in the minds of all our colleagues in the Senate as we deliberate the 2023 national budget in the plenary."

"We need to ensure that the national budget will support this positive momentum in our economic growth. For example, addressing the economic agenda of creating more jobs and building the necessary infrastructure to support development are main priorities," he said.

Villanueva also cited a number of factors contributing to the growth momentum of the national economy. He said that Fitch Solutions Country Risk and Industry Research recently revising its 2022 GDP growth projection for the country from the initial 6.6 to 7.4 percent is an indicator of increased investor confidence.

The senator also said that the country's September 2022 unemployment rate at 5 percent, which is the lowest in more than two years, not only sparks more confidence for investors and businesses but also shows that the current administration's economic strategy is already taking effect.

"We need to ensure that the 2023 national budget would have sufficient social and economic support for the current positive growth momentum. The Senate is aiming for a national budget that favors sustainable growth and inclusivity, because no Filipino should be left behind while the economy is growing," Villanueva said.

The Senate Majority Leader also remarked that part of the government's support for the economic growth momentum should be to ensure food sufficiency, as the rise in food prices is the biggest driver of inflation, which hit 7.7 percent last October.

He said that, in the short term, the government can temporarily address food inflation by extending the reduced tariffs on basic commodities such as meat and rice under Executive Order No. 171, which shall expire after December 31 of this year.

But for the medium and long term, Villanueva said that the government should focus on food security by supporting the agriculture sector.

"Our agriculture sector urgently needs support to increase our capability and capacity for food production. By providing such, we hit a lot of birds with one stone: controlling inflation, generating jobs, and improving competitiveness of local food producers," Villanueva said.

"No Filipino should go hungry as we grow our economy," he added.


Momentum ng ekonomiya, susuportahan ng 2023 budget at agrikultura - Villanueva

Hindi dapat sayangin ng gobyerno ang pagkakataong ipagpatuloy ang positibong momentum ng paglago ng pambansang ekonomiya, ayon kay Senate Majority Leader Joel Villanueva.

Ito ang sinabi ni Villanueva base sa balitang mas mabilis ang paglago ng ekonomiya ng bansa kaysa inaasahan. Ayon sa Philippine Statistics Authority, pumalo sa 7.6 percent growth ang gross domestic product (GDP) ng bansa noong third quarter ng taon

Sinabi rin ng Senate Majority Leader na nasa isip ng mga kasamahan niya sa Senado ang pagbangon muli ng ekonomiya sa deliberasyon ng 2023 national budget sa plenaryo.

"We need to ensure that the national budget would support this positive momentum in our economic growth. For example, addressing the economic agenda of creating more jobs and building the necessary infrastructure to support development are main priorities," sabi ng senador.

Itinuro din ni Villanueva na maraming bagay ang nag-aambag sa growth momentum ng pambansang ekonomiya. Sinabi niya na indikasyon ng pagtaas ng tiwala sa mga mamumuhunan ang pagrebisa ng Fitch Solutions Country Risk and Industry Research ng kanilang GDP growth projection na 7.4 porsyento mula sa naunang 6.6 porsyento.

Sinabi rin ng Senate Majority Leader na nakakadagdag din ng tiwala ng mga investors at mga negosyo ang pagbaba ng unemployment rate na 5 porsyento noong Setyembre, na pinakamababa sa loob ng nakaraang mahigit na dalawang taon. Ayon sa kanya, ipinapakita rin nito na umeepekto na ang economic strategy ng kasalukuyang administrasyon.

"Dapat nating siguruhin na ang 2023 national budget ay may sapat na social at economic support para sa positive growth momentum. Nais po natin sa Senado na pabor ang national budget sa sustainable growth at inclusivity, dahil dapat walang Pilipinong maiiwan sa paglago ng ekonomiya," sabi ni Villanueva.

Binanggit din ng Senate Majority Leader na dapat maging bahagi ng suportang ito ng gobyerno ang pagsiguro ng food security o sapat na suplay ng pagkain, dahil ang presyo ng pagkain ang siyang nagpapataas ng inflation. Umabot na sa 7.7 porsyento ang inflation rate ng bansa noong Oktubre.

Sinabi ni Villanueva na bilang short term na solusyon, maaring tugunan ng gobyerno ang food inflation sa pag-extend ng pinababang tariff sa pangunahing produkto gaya ng karne at bigas sa ilalim ng Executive Order No. 171, na magwawakas sa Disyembre 31 ngayong taon.

Ngunit para sa medium at long term, sinabi ng Senate Majority Leader na dapat pagtuunan ng gobyerno ang food security sa pamamagitan ng suporta sa sektor ng agrikultura.

"Lubhang nangangailangan ang ating agriculture sector ng suporta upang pataasin ang kapabildad at kapasidad natin sa produksyon ng pagkain. By providing such, we hit a lot of birds with one stone: controlling inflation, generating jobs, and improving competitiveness of local food producers," sabi ni Villanueva.

"Dapat walang Pilipinong gutom sa paglago ng ating ekonomiya," dagdag niya.

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