PH economy doing good under Marcos admin – Romualdez, Salceda
President Ferdinand Marcos Jr. — File photo
TACLOBAN CITY, Leyte — House Speaker Ferdinand Martin Romualdez and Albay 2nd District Rep. Joey Salceda believe that the country’s economy is still doing good under the Marcos administration, as gross domestic product (GDP) grew by 5.4 percent for the first quarter of 2025.
In a statement on Thursday, Romualdez said the 5.4 percent growth is a testament that the Philippine economy is under the “steady, competent hands” of President Ferdinand Marcos Jr.
“This growth means more than just numbers. It means jobs, livelihood, and greater economic activity in our communities. The economy is moving—and it’s moving in the right direction, because the President’s policies are working not only for investors and big businesses but more importantly for ordinary Filipinos,” Romualdez said.
“As more sectors grow, from manufacturing to construction, logistics, tourism, and digital services, we are seeing more hiring, more spending, and more money circulating in our barangays and local economies,” he added.
A better economy, Romualdez noted, would usher in more jobs, greater business confidence, and more expected benefits for every Filipino family.
Earlier, the Philippine Statistics Authority announced that while the Philippine economy grew by 5.4 percent, it was below market expectations, which the administration attributed to tariff-induced global headwinds.
The government was targeting a growth rate of 6 to 8 percent.
The 5.4 percent GDP growth was faster than the 5.3 percent recorded in the fourth quarter of 2024, but slower if compared on a year-on-year basis, or to the first quarter of 2024’s 5.9 percent growth rate.
READ: Slower than expected: Philippine GDP grows by 5.4% in Q1
For Salceda, the Philippine economy was able to withstand uncertainties in the global climate after United States President Donald Trump placed new and higher tariffs on goods coming into his country.
Trump has set a 17 percent tariff on Philippine goods, but the rate was higher for other countries like Vietnam with 46 percent, Thailand with 36 percent, Indonesia with 32 percent, Malaysia with 24 percent, and Cambodia with 49 percent.
READ: Trump sets 17% tariff on Philippine goods coming to America
Salceda also believes that the spending ban brought by the 2025 midterm elections also placed a dent in economic growth.
“The Philippine economy continues to withstand global headwinds. I expect the numbers to pick up in the second quarter, especially capital formation, as expectations of Trump’s tariff regime become more stable,” Salceda, an economist by profession, said in a statement.
“The election spending ban had a bit of a drag on overall growth levels during the first quarter. I expect some lingering effects of that in the second quarter. Businesses also put some of their plans on hold due to uncertainty over the world trade system,” he added.
Although he did not mention specifics, Salceda said he would suggest to Marcos how the Philippines can better cope with external uncertainties.
“I will be suggesting to the President a series of measures to ensure we can withstand global volatilities. Briefly, they should include measures to make exportation easier and cheaper, faster processing times for licenses, permits, and rules of origin documents for our trade, and easier availment of existing tax incentives,” he explained.
Romualdez, on the other hand, assured Filipinos that the government is determined to make economic growth inclusive, and felt by Filipinos.
“We are determined to make sure that this growth reaches every Filipino home—from the farmers in the provinces, to workers in the cities, to small entrepreneurs trying to recover from the pandemic,” he said.
“This is proof that under PBBM, our economy is not just growing—it is growing with direction and discipline. The foundation is strong, the vision is clear, and the Filipino people will be the ultimate beneficiaries of our success,” he added. /mcm
