Finance Secretary Carlos Dominguez III called on lawmakers Thursday to help ensure the Philippines’ solid recovery from the pandemic by working together with the Executive branch in keeping the country’s long-held strong fiscal standing “in great shape” for the next administration and future generations of Filipinos.
Dominguez said the government in the homestretch of the Duterte presidency remains fully determined to rapidly modernize governance; pursue market-friendly reforms; and continue public investments—especially in infrastructure, education, and healthcare—to guarantee a strong economic rebound.
From 2022 onwards, Dominguez told legislators the government expects the budget deficit to get narrower as revenue collections exceed the growth in expenditures; and public borrowings, which remain within sustainable levels, to go down significantly starting in 2023.
Dominguez made it clear that to maintain these reasonable debts and deficit levels, the government should continue to exercise fiscal responsibility.
