IMF wowed by PH economic performance under Marcos–Speaker Romualdez

Speaker Martin Romualdez (center, back row) briefs International Monetary Fund (IMF) mission members on the reforms being implemented by the Philippine government. (Speaker’s office)

House Speaker Martin Romualdez shared on Friday afternoon, May 12 how the country’s economic performance under President Ferdinand “Bongbong” Marcos Jr. has impressed visiting members of the International Monetary Fund (IMF).

This, after Romualdez met and briefed IMF mission members on the pro-poor reforms being implemented by the Marcos administration in the context of the Philippines’ recovery from the Covid-19 pandemic.

The IMF was represented by Mission Chief Jay Peiris; Resident Representative Ragnar Gudmundsson; Senior Economist Yinqiu Lu; and Economist Tristan Hennig.

“From our discussions, I could confidently say that the IMF mission members were impressed with the Philippines’ economic performance and the government’s economic agenda. They expressed confidence that the Philippines will continue to grow strongly in the years ahead,” Romualdez, Leyte’s 1st district representative, said.

Specifically, Romualdez cited the comment of Mission Chief Peiris, who said: “Everything going in the right direction. Philippine economy is solid, though the country should be ready to respond for any shock.”

The Speaker was joined in the meeting by Marikina City 2nd district Rep. Stella Quimbo and House Secretary General Reginald Velasco.

The meeting between Romualdez and the IMF delegation came barely a day after the National Economic Development Authority (NEDA) announced a higher-than-expected Philippine Gross Domestic Product (GDP) growth of 6.4 percent in the first quarter of 2023.

“I am grateful to the IMF mission members for their visit and I look forward to a more insightful and productive collaboration with them in the future,” said Romualdez, arguably Marcos’ closest and most trusted lieutenant in government.

IMF keeps a regular policy dialogue with the governments of its member-countries. It assesses economic conditions and recommends policies that enable sustainable growth.

The IMF also monitors regional and global economic and financial developments. — Ellson Quismorio