On the timely passage of the proposed 2027 national budget, the senate set to prioritize and aim to lower the cost of living, alongside with creating jobs and accelerating infrastructure development.
Senate President Sherwin Gatchalian, made an announcement yesterday during his opening address to the second regular session of the 20th Congress.
“Our work begins with the economy because no vision of national progress can take hold while families struggle to meet their basic needs,” he said.
He notes that the Development Budget Coordination Committee had reduced the country’s 2026 economic growth forecast to 3.5 percent from the previous five percent to six percent, and that the international Monetary Fund and the Asian Development Bank had also downgraded their projections.
Gatchalian stated that the Senate’s immediate priority is to approve the 2027 national budget, which he describes as the government’s most powerful tool for stimulating economic activity and funding essential services.
Aside from the budget, Gatchalian identified five legislative priorities: reducing rising commodity prices, increasing workers’ take-home pay, lowering electricity cost, expanding infrastructure and transportation, and strengthening job security through support for micro, small, and medium-sized businesses.
To address food prices, the Senate states they will prioritize amendments to the Rice Tariff Law to ensure adequate rice supply, price stability, and income protection for farmer /Phoemella Contreras
