National Economic Development Agency Chief Ernesto Pernia is confident that the 2019 Southeast Asian Games will significantly contribute to the Philippine economy.
Pernia told reporters that the country’s hosting of the 30th SEA Games will be bringing in economic growth as soon as the 4th Quarter. The Games are considered to be a wild success. Even before their commencement ceremonies, further opportunities for the Philippines to host international sporting meets began flooding in, proving the nation now has its foot in the door of the multi-billion dollar sports tourism industry.
This growth is essential to counteract the economic slowdown experienced by the country during the first two quarters of 2019. For the first half of the year, the country was operating on a re-enacted 2018 budget as Congress struggled with corruption and anomalies in their proposed national budget.
The reenacted budget took its toll by stalling infrastructure projects and other ambitious programs of the administration which needed their proper funding allocation.
The 2020 budget is currently awaiting signature from President Duterte after being ratified this week by the House and Senate bicameral conference. This year’s budget process was promised by Speaker of the House Alan Peter Cayetano to be free from pork, parked funds, and delays. The mistakes of the 2019 Appropriations process cost the country as much as P1 billion per day in economic losses and the House was eager to not have a repeat of the issue.