President Duterte Administration’s Goal Is To “Build, Build, Build” For The Filipino People
There’s no stopping the administration of President Rodrigo
Duterte thrust to build on the country’s economic gains for the sake of
Filipino people.
In a forum launched on what economic managers called “Dutertenomics,”
Finance Secretary Carlos Dominguez said a key factor to this economic agenda is
the proposed comprehensive tax reform bill.
He described this as a “key link in the grand effort to
break out from the cycle of low growth and build a dynamic and inclusive
economy.”
With Dutertenomics anchored on the concept of “build, build
and build,” Secretary Dominguez said additional revenue from the tax reform
measure will finance key infrastructure projects such as roads and bridges.
Secretary Dominguez said the state of the country’s
infrastructure remains below regional standards.
According to the National Economic and Development
Authority, the government currently spends 5.4 percent of its GDP on
infrastructure.
“For an archipelagic country, poor infrastructure is
debilitating. It raises the costs of transporting goods between islands. That
is the reason our food price regime is high. Our congested roads and ports
discouraged investors who need to operate on just-on-time deliveries. Our high
power costs and unstable supply discouraged investments in manufacturing,” he
said.
Secretary Dominguez also noted strides in improving the
country’s credit-worthiness – an indication of investor-confidence on the
economy.
“We are now actively seeking investments not only to rebuild
our depleted manufacturing sector but also to capitalize our agriculture to
make it more efficient,” he said.
“Our program of infrastructure build-up will entail
trillions in economic investments. We need to undertake these investments for
the sake of the next generation of Filipinos or else they will remain in the
same poverty trap that we found ourselves in,” he added.
The Finance Secretary said as millions of Filipinos are
added to the work force, the country “must invest in them and make them
globally competitive. We must prepare the economy to provide meaningful jobs
for them or else risk building an alienated and discontented generation.”
According to the latest Labor Force Survey from the
Philippine Statistics Office, as of January 2017, the employment rate is at
93.4 percent, underemployment is at 16.3 percent, and unemployment is at 6.6
percent.
Secretary Dominguez said revenues from taxes are essential
to fund an infrastructure project, that’s why it is crucial for Congress to
pass the comprehensive tax reform package.
“The tax reform package will support investments in our
human capital, upgrading the educational system and providing quality health
care. It is a pro-active and pro-poor measure that supports the expansionary
fiscal posture of the present administration,” he said.
The Bureau of Internal Revenue, the country’s largest
revenue generating body, has set a collection target of P1 trillion for 2017.
From the 2017 budget, P860.7 billion is earmarked for
infrastructure.
Secretary Dominguez said the tax reform bill is a key
economic strategy of the administration.
He also closed his speech by saying, “All the favorable
factors are present. It is time now for a breakout.”
Furthermore, Transport Secretary Art Tugade said they were
serious in in their effort to push the country’s financial state forward.
Source: CNPH
President Duterte Administration’s Goal Is To “Build, Build, Build” For The Filipino People
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April 23, 2017
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