Recto sees 6 percent growth

The Manila Times

Recto sees 6 percent growth   Finance Secretary Ralph Recto is optimistic that the country will achieve a 6 percent growth in the second quarter of the year, driven by consumer spending.  Recto said the government is ready to provide assistance to the 25,000 workers who will be displaced by the ban on POGOs announced by President Ferdinand Marcos Jr. in his third State of the Nation Address on Monday.  Also, Recto said the government will not used the excess funds of government-owned and controlled corporation (GOCC) for the Maharlika Investment Fund.  Video by Catherine Valente  Subscribe to The Manila Times Channel - https://tmt.ph/YTSubscribe  Visit our website at https://www.manilatimes.net    Follow us:  Facebook - https://tmt.ph/facebook  Instagram - https://tmt.ph/instagram  Twitter - https://tmt.ph/twitter  DailyMotion - https://tmt.ph/dailymotion    Subscribe to our Digital Edition - https://tmt.ph/digital    Check out our Podcasts:  Spotify - https://tmt.ph/spotify  Apple Podcasts - https://tmt.ph/applepodcasts  Amazon Music - https://tmt.ph/amazonmusic  Deezer: https://tmt.ph/deezer  Tune In: https://tmt.ph/tunein   #TheManilaTimes  #tmtnews  #economicgrowth

Transcript

00:00Do you expect the GDP to rise to Q2 GDP?

00:04I hope it's 6%.

00:06Looks like it. Let's see.

00:09What do you expect?

00:11Drivers though.

00:15But still, number one would be consumption.

00:18Because that's the biggest part.

00:20And then, I mean, household consumption is number one.

00:24And that's supported that we see, no?

00:30On back lending, credit card, in spite of high interest rates.

00:35And of course, government consumption.

00:38Would that require additional budget on the part of DOLE to get those who will be unemployed?

00:47There's a possibility.

00:49But I know that DOLE has a lot of funds.

00:55So it won't be a problem in terms of our unemployment?

01:00I mean, maybe not.

01:0425,000 workers, more or less.

01:08It's there in the document.

01:10So not significant.

01:12Not significant, yeah.

01:14But of course, one job is one job.

01:16So let's help those 25,000.

01:19I'm sure they can get employment elsewhere.

01:22Well, like you said, number one.

01:26We're just following the orders of the Congress.

01:30The instructions of the Congress are written in the budget.

01:34In the DOF.

01:36For the DOF Circular to come out.

01:40To implement the orders of the Congress in the Unprogrammed Fund.

01:44Second, let's see if this will help our economy.

01:48Is the order of the Congress correct?

01:51In our investigation, it's very important to use the Unprogrammed Fund.

01:56Because it includes, for example, foreign-assisted projects of the President.

02:02That if we don't do it, it will be delayed.

02:05There will be opportunity costs.

02:07There will also be interest that is being paid.

02:13Even if we don't benefit from the projects.

02:16So on and so forth.

02:17And there are many others.

02:18There's a list there.

02:19All the Unprogrammed Funds in the 2024 budget.

02:24Third, let's see if it's in the law.

02:27Is there a law that will be passed?

02:30And we consulted.

02:33We asked GCG, OGCC, COA.

02:38And they said it's all in the law.

02:41We also talked to the board of PhilHealth and PDIC.

02:48They approved it.

02:50And that's not true.

02:52It's being used by the Maharlika Fund.

02:55It has nothing to do with this.

02:57It's also not true that we already got P89.9 billion.

03:01It's only P20 billion.

03:03And the first to be spent are the front-line workers.

03:08That's more than P28.7 billion.

03:13So, we have a schedule to receive the funds.

03:19We also have a schedule to receive the funds from PDIC to be able to finance.

03:25So it's not one-time, big-time.

03:27That's for the rest of the year.

03:29You have six more months before all of that will be collected.

03:32And like I said, in our investigation, and in the investigation of the Congress,

03:39the money in PhilHealth is just sleeping.

03:43It's not being used.

03:44And in that P90 billion, we're also paying an interest of more than P5 billion per year.

03:52And who's paying that?

03:54The taxpayer.

03:55Right?

03:56It's just sleeping.

03:57It's also not being used.

03:59We're also not reducing the programs and projects of PhilHealth.

04:05In fact, the President mentioned yesterday in SONA,

04:08the additional benefits that PhilHealth is doing.

04:14For more information, visit www.fema.gov

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