The House of Representatives on Monday adopted House Concurrent Resolution 2, supporting President Ferdinand Marcos Jr.’s 2022-2028 Medium-Term Fiscal Framework. Read more:
The plan aims to attain short-term macro-fiscal stability while remaining supportive of the economic recovery and promoting medium-term fiscal sustainability.
Albay Rep. Joey Salceda, the chairman of the House Committee on Ways and Means, hailed the approval of the resolution.He said the proposed MTFF is a “step towards following international best practices on tax policymaking,” and a “codification of the Marcos administration’s covenant with the Filipino people on key economic and fiscal objectives.”
This would ensure the unimpeded and adequate delivery of social services, mitigate inflation pressures, accelerate economic recovery, and address economic scarring. It also aims for medium-term socio-economic agenda which will create more, high-quality, and green jobs for Filipinos. Romualdez said the legislative agenda shall be guided by targets set in the 2022-2028 Medium-Term Fiscal Framework.
This would be consistent “with the achievement of macroeconomic stability and inclusive economic development while continuing to allocate resources for health, disaster risk management, food and social security, digital economy, local government support, private sector participation, and growth-inducing expenditures.”
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