Marcos admin urged to prepare for worst in 2023

MANILA — A senior opposition legislator has warned the Marcos administration not to relax on its achievements, such as the recent robust economic growth, but to instead prepare for the “looming global recession” in fiscal year 2023.

According to Rep. Gabriel Bordado Jr., who replaced the Camarines Sur district position that former vice president Leni Robredo left in 2016, he sees bleak prospects ahead, based on the continuous surge in United States interest rates, record-high inflation, unresolved Ukraine war, among others.

“We do need to protect our people from the impact of the global recession as well as the real and direct consequences of an economy that is very vulnerable to the shocks caused by global conflict,” Bordado said.

The third-term congressman, who belongs to the official minority bloc at the House of Representatives headed by Minority Leader Marcelino Libanan, recognized that although the local economy “appears to be sturdy,” there is still a need to prepare for the worst.

Bordado made these statements during his recent privilege speech, stating that concerns caused by global war, such as Russia’s invasion of Ukraine and the worsening climate crisis, which is causing catastrophic weather events and calamities, must be addressed.

Due to the Covid-19 pandemic in late 2020, the Philippines was in recession.

Bordado also emphasized the country’s vulnerability to “external forces” or developments either in the Asian region or globally, being a “country highly dependent on imported commodities.”

The balance of trade reached a record high deficit of $6 billion last August.

The lawmaker stated that while it narrowed down to $4.8 billion in September, the continued negative balance of trade only highlights the fact that the country needs to seriously come up with measures to address self-sufficiency, food security and lesser dependency on imports.

While Bordado highlighted the prospect of yet another domestic recession, Speaker Martin Romualdez is hopeful that the country would be over the hump by next year, as seen by the country’s recent solid economic progress.

“I have no doubt on my mind that we can all fully recover from this crisis if we are united. The best is yet to come, if we come together and work hard together. This is for our country, our future,” Romualdez said.

“The President has an Agenda for Prosperity. This agenda has as its core mission the country’s economic transformation towards inclusivity and sustainability,” he added.

The House leader attributed the economic expansion to the Marcos administration’s Medium-Term Fiscal Framework and its eight-point socio-economic agenda, which Romualdez said astonished many analysts.