19 December 2017 | news release
The enactment of the 2018 national budget and the TRAIN tax reform package comes after several pieces of positive economic news.
Fitch credit rating upgrade for the country to “BBB”, which is now at par with the ratings by S&P Global Ratings and Moody’s Investor Service, therefore bringing all three global rating agencies in consensus on the Philippine economy.
The Board of Investments has approved this year a record-level P616.7 billion in investments approvals. This is the highest approval total in the 50 years of the BOI. Investment approvals are up 39.5 percent versus 2016 and 23.5 percent over the targeted P500 billion for 2017.
Gross domestic product grew by 6.9 percent in the 3rd quarter of 2017 and Overseas Filipinos remittances increased by 5.2 percent to $25.7 billion (the equivalent of at least P1.285 trillion) as of October 2017.
With the 2018 budget, the TRAIN, and the string of strong economic indicators, the Congress and the Duterte administration have proven that they do know how to run the economy well. We know what we are doing here in Congress. We serve the people right.
This wise economic management will continue next year with better-funded programs that serve the poor and the middle class, ease the tax burden on the middle class, and add more fuel to economic growth.
The 2018 budget and TRAIN implement inclusive growth because the poor and middle class will truly feel the gains of the progressive economy: more money in their pockets and wallets; more jobs; more new businesses; more health and social services; and free college education.
Expect much more and even better economic indicators. Expect significantly less poverty and better lives for the poor and the middle class. (END)