Ungab in a statement Sunday (July 10) said he sees it as a sensible move to address the economic challenges the country and the whole world are currently facing.
“The pronouncements made by the economic team as regards the newly updated medium-term macroeconomic assumptions, fiscal program, and growth targets for 2022 to 2028 will serve as a guide not only to the government but to economists, businesses, and stakeholders in accelerating economic growth,” Ungab said.
Ungab underscores the administration’s priorities and fiscal strategy, including the domestic developments and external pressures.
Ungab also finds the Department of Finance’s recently unveiled Medium-Term Fiscal Framework (MTFF) very promising, as he urges his fellow lawmakers to support Marcos economic and fiscal agenda.
“I believe this will be our country’s pivotal point towards the trajectory of resilient economic recovery. This Medium-Term Fiscal Framework and the government’s updated medium-term macroeconomic assumptions and fiscal program are what we need to guide us during these difficult times,” he said.
“I fully agree with the PBBM administration that this is a good game plan in facing the challenges wrought by the pandemic, the ongoing political conflicts, and the high inflation rate, among others,” Ungab further said.
Ungab recognizes the significance of having a well-crafted economic framework and fiscal program geared towards “achieving inclusive and sustainable development, responsive to the aspirations of the Filipino people”.
The MTFF’s goals include reducing the deficit, promoting fiscal sustainability, and enabling robust economic growth, which all coincide with the objectives of the updated medium-term macroeconomic assumptions and fiscal program.
He said this will create more quality jobs, reduce poverty incidence, and achieve inclusive and resilient growth within the term of President Marcos until 2028.
“For our part, Congress ought to support the President’s economic agenda by passing laws essential to rebuilding the economy, spurring the creation of jobs, encouraging MSMEs, and reducing poverty,” Ungab said.
Ungab anticipates that the first expenditure plan or the 2023 expenditure program of the national government will already be aligned with the updated MTFF.
Ungab had earlier suggested the updating of the country’s Medium-Term Philippine Development Plan (MTPDP) for 2023-2028, which becomes one of the basis for budgeting the expenditures in the coming months and years of PBBM administration.
Photo from Isidro Ungab FB Page