Press Releases

Statement on the Q2 GDP figures

August 9th, 2022

I remain confident that we will be able to attain our growth targets for this year, but the crunch in disposable incomes and consumer confidence, election ban on public investments, and overall global conditions are bearing down on our growth trajectory.

That said, the fiscal program could do better. At just 22.4 percent of GDP, this is the lowest pandemic budget. On top of policy rate hikes, this means that our fiscal policy short term is contractionary. That, too, will bear down on growth.

I am working with the economic managers to find fiscal space for implicit stimulus.

Likewise, we need growth affirming policies. I will be pushing through with Mining Tax Reform as the first order of business of the Committee on Ways and Means.

This is the one tax reform that is pure growth-inducing.

This morning, I just met with the Treasurer of the Philippines on reforming our pension system and the base of investible funds for our capital markets. This will boost long-term growth and investor attractiveness of our economy.

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