Gatchalian wants Senate panel formed to address economic challenges

MANILA, Philippines — Senate President Sherwin Gatchalian sponsored a resolution on Tuesday creating a Senate ad hoc committee to respond to the country’s economic challenges.

Gatchalian, along with Senate Majority Leader Juan Miguel Zubiri and Minority Leader Alan Peter Cayetano, introduced the bill creating the Reinvigorate Investment and Sustainable Economic Growth (RISE) Ad Hoc Committee.

“The problems facing our economy are clear, broad, and interconnected. We are simultaneously feeling the impact of reduced infrastructure spending and the decline in Filipino family spending, the impact of rising oil prices and the decline in the value of our countrymen’s incomes,” Gatchalian said in his sponsorship speech.

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READ: Congress priority: Put economy back on track

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He continued: “Ito ang layunin ng Reinvigorate Investment and Sustainable Economic Growth o RISE ad hoc committee… It will craft recommendations that address the economic slow down and the economic effects of geopolitical events across the globe.”

(This is the purpose of the Reinvigorate Investment and Sustainable Economic Growth or RISE ad hoc committee… It will craft recommendations that address the economic slow down and the economic effects of geopolitical events across the globe.)

According to Gatchalian, upon adoption of the measure, the ad hoc panel will be composed of all senators, with Senate economic affairs panel head Risa Hontiveros serving as its chairperson.

The vice chairpersons will be Finance panel head JV Ejercito; Ways and Means Committee chairperson Panfilo Lacson; Trade, Commerce and Entrepreneurship panel head Bam Aquino; Banks, Financial Institutions and Currencies panel head Mark Villar; Labor, Employment and Human Resources Development panel head Joel Villanueva; Public Works panel chairperson Tito Sotto III; and Energy Committee chairman Erwin Tulfo.

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Under the resolution, the ad hoc committee is mandated to submit an interim report, including measures to add to the 2027 National Budget, before it is ratified by both chambers of Congress.

READ: Addressing high costs of basic goods, electricity tops Senate agenda

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Then, after the full inquiry is completed, the committee will submit its final report to the Senate before sine die adjournment on June 4, 2027.

“Changes in world events cannot be controlled or prevented, but we can control how we plan so that changes do not cripple our people’s lives in the short-term and derail the economic goals meant to benefit future generations,” Gatchalian also said. /mcm