Experts give mixed reviews of second Marcos SONA By Cai U. Ordinario @caiordinario
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T would seem that unity is working for the country’s economic recovery, a local economist said after the President delivered his 71-minute State of the Nation Address (SONA) on Monday. Jonathan L. Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told BusinessMirror that the President’s second SONA was able to address several pain points
such as education and jobs; affordable healthcare; and efforts to address inflation and strengthen the economy. Ravelas also said it was also made clear by the President that his focus included efforts to raise revenues and reduce inflation. However, he said, these are not enough, especially given the El Niño. “It seems the unity strategy is helping the economy turn a corner. However, challenging inflation and El Niño remains but also provided plans in mitigating these risks,” Ravelas said.
“He (the President) is taking his high approval rating for a spin.” Ravelas said it also remains to be seen whether the President’s approval ratings will be enough to sway the legislature to pass 18 measures, some of which have not been directly identified in the Philippine Development Plan (PDP) 2023-2028, the country’s medium-term socioeconomic blueprint. Ateneo Center for Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes told BusinessMirror the President’s SONA
was a “well-articulated speech.” Portions of the SONA that appealed to him were the discussion on inflation, food production, particularly agriculture and fisheries as well as jobs creation. Peña-Reyes was also partial to the President’s “punitive stance against smugglers and hoarders.” “I hope we can attract more FDI for the renewable energy projects mentioned in the speech,” Peña-Reyes said. “I just wish housing would figure more prominently in our infrastructure push.” See “Experts,” A2
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AMID heightened security, President Ferdinand Marcos Jr. delivers his second State of the Nation Address on Monday (July 24, 2023), marking his first year in office that saw him allow an expanded US military presence and refuse to rejoin the International Criminal Court in a move aligned with his predecessor, whose bloody anti-drugs crackdown was under an ICC investigation. The occasion was met with both anticipation and protests, as various militant youth groups from different organizations staged the “People’s SONA 2023” protest along Commonwealth Avenue in Quezon City. At the same time, inside the Senate, the members of the Second Regular Session of the 19th Congress pose for a group photo, alongside their spouses, highlighting the intertwined nature of activism and familial support that shape the nation's political landscape. ROY DOMINGO/ AP/AARON FAVILA
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By Samuel P. Medenilla
@sam_medenilla
HUNNING critics’ observations of bleak economic prospects since last year, President Ferdinand R. Marcos Jr. reported in his second State of the Nation Address (SONA) on Monday that the government was able to successfully “revive and rejuvenate” the country’s economy. The chief executive vowed to keep the country on track in its economic growth target by attracting more investments, sustaining infrastructure projects, upskilling its workforce and going after agriculture smugglers. Citing government data, Marcos said the country was able to achieve a 7.6-percent growth in 2022—the highest growth rate in 46 years.
This was sustained in the first quarter of the year, when the growth rate was at 6.4 percent. “We are still considered to be among the fastest-growing economies in the Asian region and the world. It is a testament to our strong macroeconomic fundamentals,” Marcos said in his over an hour-long SONA, his second. Continued on A5
GOVT INVESTMENTS IN MIF FREE FROM ‘POLITICAL INFLUENCES’ By Jasper Emmanuel Y. Arcalas @jearcalas
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RESIDENT Ferdinand R. Marcos Jr. on Monday assured the public that the investments by the national government under the Maharlika Investment Fund (MIF) would be “absent” of “any political influences.” In his second State of the Nation Address (SONA), Marcos emphasized that a group of “internationally ecognized” economic managers will oversee the MIF to “ensure sound financial management” of the fund. “Guided by the principles of transparency and accountability,
this guarantees that investment decisions will be based on financial considerations alone, absent any political influence,” Marcos said in his 71-minute long speech at the Batasang Pambansa. Marcos also reiterated the economic benefits promised by the MIF, which he signed into law last week. He maintained that the MIF allows the government to pursue “high-priority projects” without the “added debt burden.” “In pooling a small fraction but considerable underutilized government funds, the [MIF] shall be used to make high-impact and profitable investments such as the Build Better More program. Continued on A5
Congress asked: Pass audit, procurement bills By Jovee Marie N. dela Cruz @joveemarie
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RESIDENT Ferdinand Marcos Jr. on Monday called on Congress to pass his priority measures that will enhance government audits and procurement. In his second State of the Nation Address (SONA), the President said a new government procurement law and government auditing code will empower the entire government, which is deemed a “transformative” solution amid the changing times. “Once again, on this same principle, I urge Congress to enact a new Government Procurement Law and a new Government Auditing Code, to make government procurement and auditing more attuned to these
changing times,” he said. According to him, cooperation is “key” within and among government agencies, the public and private sectors, business and academia, the government and foreign partners, and Filipinos themselves. “We need the help and skills of the whole government and entire nation. And so, we shall do the same for the next five years. We seek not only to become more effective, but more, to become truly transformative,” he said. He said that this strategy would be put into practice through interagency collaboration, coordinated efforts across the three levels of government, and independent constitutional entities. See “Congress,” A2
PESO EXCHANGE RATES n US 54.4610 n JAPAN 0.3889 n UK 70.1022 n HK 6.9703 n CHINA 7.5875 n SINGAPORE 41.0407 n AUSTRALIA 36.9246 n EU 60.6532 n KOREA 0.0426 n SAUDI ARABIA 14.5186 Source: BSP (July 21, 2023)