The Macroeconomy and Finance Committee (MFC) of the Regional Development Council (RDC) XI convened for its Second Quarter Meeting on June 6, 2022 via Zoom. Based on its mandate to review plans and economic reports for policy recommendations, the Committee reviewed and endorsed to the RDC XI, for approval, the following reports: a) Regional Development Performance Assessment Report (RDPAR), 2017-2022 for Chapter 15: Ensuring Sound Macroeconomic Policy, and Chapter 16: Levelling the Playing Field Through a National Competition Policy; and b) the First Quarter 2022 Regional Economic Situationer (QRES) Report for Davao Region.
To further enhance its understanding and capability on macroeconomic surveillance, the Committee members were apprised by the Philippine Statistics Authority (PSA) XI with the CY 2021 Performance of Davao Region as estimated by its Gross Regional Domestic Product and Gross Regional Domestic Expenditure. Chairperson Samuel R. Matunog inquired on the correlation between economic growth and poverty incidence so as to aid the Committee on policies that would ensure inclusive growth for Davao Region. Further, the Department of Trade and Industry (DTI) XI explained in detail on how the results of the Cities and Municipalities Competitiveness Index (CMCI) were derived, to allow the Committee members as policy makers, determine the LGUs’ strengths and weaknesses as basis for policy reforms.
On the finance sector, the Committee members were informed by the Bangko Sentral ng Pilipinas (BSP) on Cryptocurrency, specifically on the regulatory approach to virtual assets, as currency and investments. BSP also presented the design and special security features of the country’s first-ever Polymer 1000-Piso Banknote. Knowledge sharing on macroeconomy and finance shall be a regular menu on subsequent agenda of Committee meetings. -Alana O. San Pedro, NEDA XI